One in four would rely on their partners if they cold not
work, says new MetLife research. 41% have no financial back up plan if illness
or a serious accident forced them to stop work.
If the worst happened, 23% would rely on their partner while
7% would be forced to sell their home and 4% would call on their parents for
financial assistance.
Just 15% have insurance protecting their income against the
risk of illness or a serious accident with only 7% receiving it as part of
their employee benefits package.
Men are the least
prepared with 45% admitting to having no Plan B compared to 38% of women. But
women are twice as likely to rely on their partner for financial help with 30%
happy to rely on their partner compared with 15% of men. Women are also three
times more likely to turn to their parents for a financial boost.
Stephanie Baillie of MetLife says,” Most of us
understandably do not like to think of the risks of not being able to work as a
result of ill health or a serious accident - but for such a high proportion not
to have any financial back up plan is worrying. Organising your finances and
giving yourself a safety net is crucial. While no one wishes to consider losing
their job or being unable to work, factoring in insurance to protect your
income should be as much part of financial planning as saving for retirement or
for a deposit for a house. ”
Income protection insurance news: 11 May 2012
