Recent research has revealed that an alarmingly low proportion of people have adequately protected themselves against worst case scenarios; in the event of their death or if they are unable to work for an extended period of time. This is particularly prominent and worrying amongst self-employed people, who now make up over 15% of the UK’s workforce; more than four million people. Almost two thirds of these people’s families are dependent upon their income, and usually their savings are not sufficient to last more than a few weeks.
Whilst roughly a third of the UK workforce have taken some degree of life assurance to protect them in the event of their death, this is very often inadequate for their family’s ongoing needs, as this does not fully provide for any dependents left behind. It is rare that people consider other insurances; Critical Illness Cover, Family Income Benefit or Income Protection Cover.
Katie Pisanu, Protection Sales Director, said “I am very surprised by the recent findings. It is alarming to think that so few people are adequately protected to provide for their family in the event the worst should happen. As someone who has firsthand experience of claiming on one of these policies I know how important, and what a massive help they are. Anyone with any financial liabilities or dependents should definitely consider taking out some form of protection.”
At One 77 Mortgages we offer a fee free ‘Protection Review Service’ to anyone who would like advice on Protection. We are able to review any existing arrangements a client may have to discover if these are right for them, whether there is a better level of cover out there, and whether any additional cover is advisable which can be done using a multi-benefit policy; a policy that encompasses not just life assurance but additional elements which could include Critical Illness Cover, Family Income Benefit or Income Protection Cover.