Most of us would like to think these things only happen to others but the chances are it could happen to you. Are you prepared for such an eventuality? It appears that many people aren't.
Recent research by Scottish Provident found that 60 per cent thought it wouldn't happen to them. However, 88 per cent of people in their thirties and forties felt they would be financially affected if a member of their family lost their job . 85 per cent of those with children said they would be affected if a member of their family could not work because of a critical illness .
With the above in mind it is surprising that most of us do not have any form of income protection . Its worth having, it isn't too expensive and it could save you from an awful financial mess.
Payment protection insurance can be taken out when getting a loan, mortgage or credit card . It will protect you should you be unable to work or are made redundant by paying all or a percentage of your monthly payments.
Critical illness insurance will cover bills and debts if you or someone in your household is diagnosed with a critical illness .
Life insurance will help the family financially if you or your partner passes away.
Susan Barclay, head of marketing at Scottish Provident said, 'Most people find it hard to accept that they may face redundancy or a critical illness one day as they just don't want to think about the worst happening.
Despite some very high profile cases of critical illness in the media and news of mass redundancies nearly every day, people in Britain still think 'it' will never happen to them.'
Before getting any financial cover speak to a financial advisor to help you make the right choice for your circumstances.
Critical illness or redundancy can happen to you
Financial Services > Income lnsurance > News
Critical illness or redundancy can happen to you
Thu, 23 Jul 2009
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