A new survey by British Insurance says that most employees are worried about job security, but few have unemployment insurance.
Only one in seven has unemployment cover. The rest hope to bridge any income gap using savings, help from the family, state benefits, credit cards or even the lottery,
Nel Mooy of British Insurance says, "It is advisable to have a plan to replace any future lost income without dipping into savings or falling into debt."
With economic gloom and doom in the news and the Euro crisis dominating headlines, perhaps insurers of income protection who continually warn of the need because of problems are shooting themselves in the foot as the public is mentally tuning out from being repeatedly told the blindingly obvious about the economy. Nobody wants daily reminders that their job and home are at risk.
Income protection insurance news: 13 November 2011