Protection report finds 24 million adults face financial meltdown
Mon, 15 Mar 2010
Around 24 million adults are at risk of "financial meltdown" because they don't have any income protection insurance in place to support them if they lose their income through illness, or the death of a breadwinner, according to a new study.

The Protection Oversight report by 72 Point for Friends Provident revealed that almost a third of people believe they could survive on less than 35 per cent of their take home pay if sickness or injury meant they were unable to work . Based on an average weekly income of £489, that would leave £171 to live on, which is £300 below the average household expenditure of £471 a week.

Ed Stuart-Brown of Friends Provident said: "Imagine being told that you had just been given a 66 per cent cut in your income, the impact of that for most people would be catastrophic."

Among those who do have some form of insurance in place, 53 per cent confessed that they have no idea of how much money they would receive if they made a claim.
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