People are reluctant to take out protection insurance such as Income Protection Cover, Life Insurance or Critical Illness Insurance. Protecting your property, business or contents are perceived to be more important than protecting yourself. So why are people so reluctant to take out insurances such as Income Protection Cover? Is it the additional monthly cost? Is it down to a lack of knowledge on what these policies cover and the importance of having them? Or is it because “it will never happen to me”?
Have you thought about what might happen if you were forced to suddenly stop working through no fault of your own? There are various factors as to why people lose their income. It could be down to a sickness or down to an injury, but despite the reason behind the loss of income, it can have a detrimental effect on your lifestyle for you and your family. This is why Income Protection Cover along with Life Insurance, are two of the most important protection policies that you should take out.
You, your family and your income should be considered as the most valuable assets and above home and contents insurance. Watson Laurie has a range of insurance policies which cater for both personal and business protection. Our aim is to provide you with peace of mind through our reputable and honest Income Protection Cover.
Published in the FT Times, Sainsbury’s Bank Life Insurance* conducted a survey to find out the proportion of UK adults who have some form of Income Protection Cover. Their results indicated that 4 out 10 parents with children under the age of 18 currently don’t have any life insurance, andtwo thirds of them don’t have critical illness cover. Here are the shocking results. 21% of people asked said they reason why they don’t have any life cover is because they don’t think they need it or it wasn’t necessary to have, and 49% of them said they couldn’t afford it.
Research also highlighted that 7% of adults claimed to have had life insurance in the past, but with the cost of living increasing, it unfortunately became unfeasible for them to continue with their cover, whereas, 14% have life insurance on their list of things to do.
It is important to note that if you do have Income Protection Cover, it is imperative to get your policy reviewed as some parts of it might become out of date, or circumstances might have changed. Results from the research showed that 36% of people who do have life insurance said they have never reviewed their policy and 10% have admitted to increasing their cover after having children.
Aviva also conducted research in July and found that only 8% of UK families have Income Protection Cover, 11% have Critical Illness Cover and 20% have Pet Insurance.
Watson Laurie has a team of fully qualified and industry experts who will guide and advice you on which Income Protection Cover is more suited to you.We offer our customers a no-obligation assessment of your Income Protection Insurance requirements.
Income Protection Cover shouldn’t be brushed to one side, it’s one of the most important and influential covers you should take out. For more information, contact Watson Laurie today.
*Information provided by Legal and General