A recent study by a financial services company has revealed that consumers in the UK are "under-prioritising" protection insurance policies that cover issues such as income or mortgage payments.
Research conducted in 2006 by the Association of British Insurers found that a fifth of households have mortgage payment protection cover, however Legal and General are claiming that some people now think of other policies as more important.
The provider's PR manager for protection, Joe Wiggins, also noted that there has not been any interest for the products from his company since the credit crunch. He added " Protection insurance tends to be under-prioritised in general. In fact we estimate that more people have mobile phone insurance than critical illness cover and income protection, which seems misguided."
While mortgage payment protection insurance is not compulsory, according to thisismoney.co.uk, it can be very useful for consumers who have taken out a loan to buy their home. The website states that quality policies can cover any bills related to a mortgage, including interest and repayments.
Protection insurance not a priority for Britons
Financial Services > Income lnsurance > News
Protection insurance not a priority for Britons
Tue, 22 Apr 2008
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