Despite the uncertainty regarding the UK’s current economic climate, it has been found that consumers are not taking out insurance products which would protect them if they were made redundant .
Statistics released by the Association of British Insurers (ABI) revealed that, even though 82 per cent of the people surveyed thought that the economic environment will worsen over the next 12 months, 69 per cent said they were not willing to secure cover to protect themselves.
"It is worrying that so many people are not prepared to look at taking out protection insurance, even insurance which covers redundancy, given the uncertain economic outlook," stated ABI assistant director Nick Kirwan.
He added that the insurance industry had to work harder to make people understand the value of having the right insurance in place.
The Post Office has recently produced figures which reveal that the over 50s have been badly affected by the economic downturn, with 47 per cent using their credit cards for everyday purchases such as buying food.
Economic downturn deters consumers from payment protection insurance
Financial Services > Income lnsurance > News
Economic downturn deters consumers from payment protection insurance
Thu, 17 Jul 2008
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