Growing awareness of income protection insurance during recession
Thu, 19 Mar 2009
An insurance expert is claiming that because of the effects of the ongoing recession, income protection insurance is becoming increasingly important to people in the UK.

According to Chris McFarlane, the head of protection at LV=, there is a "growing awareness" of the importance of insurance policies which cover customers' essential costs if they find themselves unable to work through illness or unemployment . He said: "Protection is becoming increasingly important, both to advisers and consumers, with a growing awareness particularly around the importance of income protection."

A recent study by the protection specialist LV= found that many people in the UK would not have enough savings to keep themselves afloat financially for more than two months should they be made redundant.

The latest figures from the Office of National Statistics show that unemployment is rising in the UK and that over two million people are currently out of work.
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