A new survey has shown that 40 per cent of employees have been made redundant or suffered long-term ill health during their working life, but only 15 per cent have any protection insurance.
Research from MetLife shows that 20 per cent of employees have been made redundant at some point in their working life and 21 per cent has been off work for more than four weeks through illness.
However, only 15 per cent have any sort of insurance against ill health. The insurance gap is widest for those over 55, with only 12 per cent protected by an income protection policy, and 51 per cent having been made redundant or suffered long term ill health.
Stephanie Baillie of MetLife says: “Long term sickness absence leading to more than four weeks off work has been experienced by a significant proportion of the working population.
“Insurance cover that protects against life’s uncertainties is absolutely essential as many would be left unable to support themselves if they lost their livelihood through illness.”
In addition, the latest figures from the Office for National Statistics reveal that the number of people unemployed for more than a year rose by 27,000 to 887,000, the highest level since 1996.
Dr. Richard Theo of ActiveQuote said: “Many people insure their lives, cars and homes, but neglect to insure the one thing that maintains their lifestyle: their income. The latest ONS figures show that long-term unemployment is a growing problem in the UK, but people are not taking the necessary steps to protect themselves.”
Income protection will replace part of your monthly income if you should be unable to work through accident, sickness or unemployment.
Theo said: “At ActiveQuote, we take the pain out of selecting a suitable policy. Our comparison engine will search all the leading UK insurers to find suitable quotes matching your needs.”
© ActiveQuote Ltd. 2012