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&#39Just 11% of UK workers have salary protection&#39

Only 11 per cent of the UK working population have any form of income protection, says research from Norwich Union Healthcare.

The company says the low take-up of income protection is despite the fact that almost 90 per cent of IFAs say they offer advice on the products.

IFAs believe the main reason is that people feel the products are too expensive, especially if they are already paying for life cover or investing in a pension.

IFAs say the most important factors in selling the products are quality of definitions, breadth of cover and the underwriting process.

NU says one of the key ways to reduce the costs of income protection is to take out a policy with a split deferred period which provides minimum cover for essential outgoings in the short term and then increasing cover to support standard of living if incapacity proves more long term.

NU Healthcare surveyed 150 IFAs across the UK.

Marketing manager Nick Homer says: “The fact that more than two-thirds of IFAs take out income protection for themselves is recognition that it should be seen as an essential rather than a nice-to-have.

“Income protection could mean the difference between keeping and losing their home for anyone who becomes unable to work through illness or injury.”

The life office says inc-

ome-protection products are not only useful in guarding

a client&#39s income but they

also protect a specific finan-

cial commitment such as a mortgage.

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