Published on 11/05/2012
New research shows that too many people have no financial back-up plan if they should be unable to work.
New MetLife research shows that 41 per cent of people have no financial back up plan if illness or a serious accident forced them to stop work.
If they should have to give up unemployment, 23 per cent of respondents would rely on their partner whilst 7 per cent would be forced to sell their home. 4 per cent would call on their parents for financial assistance.
According to privatehealth.co.uk, the research also reveals that only 15 per cent have income protection insurance, and 7 per cent of these receive it as part of their employee benefits package.
45 per cent of men admitted to having no financial Plan B, compared to 38 per cent of women. However, women are twice as likely to rely on their partner for financial help, and three times more likely to turn to their parents. Stephanie Baillie of MetLife said:
“Most of us understandably do not like to think of the risks of not being able to work as a result of ill health or a serious accident - but for such a high proportion not to have any financial back up plan is worrying."
“Organising your finances and giving yourself a safety net is crucial. While no one wishes to consider losing their job or being unable to work, factoring in insurance to protect your income should be as much part of financial planning as saving for retirement or for a deposit for a house.”
For more information about protecting your income from accident, sickness or unemployment, take a look at our income protection insurance guide, or compare income protection quotes online now.
© ActiveQuote Ltd. 2012Categories: Income Protection