Financial protection products may be overlooked as the myth is they are a non-tangible product that may never be needed. Whilst nobody wants to think about falling ill or having an accident, the reality is that the unexpected can happen.
Our research found almost one in five (19%) had never heard of income protection, while 20% say they’ve heard of income protection, but they don’t understand what it covers. It is essential to have the right financial protection in place to help alleviate some of the stress and worry that not having anything in place often brings. So while we can’t predict the unforeseen we can try our best to be prepared for it.
Speaking about the findings, Richard Horner, Head of Income Protection, said: “I’d urge consumers to see what is out there and get in touch with providers or their financial adviser to ask any questions. This can help them better understand how to protect what is most important to them and help to put plans in place for the future.”
