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Consumers must reconsider protection position, warns Canada Life

Canada Life is urging advisers to encourage their clients to reconsider their protection position following the changes introduced under the Welfare Reform.

Research by the insurer found three in four consumers believe they would not be able to maintain their current lifestyle for over a year if they were unable to work, or unable to obtain necessary benefits.

The same survey, which polled 650 consumers online, found the average savings of those of working age was £4,954, considerably less than the average UK salary of £26,728.

Head of marketing Marion Ware says while the research “highlighted some shocking statistics which would leave many people unprepared”, it is now up to the adviser to highlight their clients’ protection needs.

She says: “We urge all advisers to speak with their clients about income protection and discuss the importance of having this type of benefit available through the workplace.

“The fact that nearly one in four consumers think they could survive for over a year on their current finances, when only 15 per cent have any kind of income protection policy in place, is very worrying.”


Rocking robins

In an article in the New York Times last month, Warren Buffett laid out his case for buying equities, and American equities in particular. His basic investment premise was to “be fearful when others are greedy and greedy when others are fearful”. As he pointed out, there have been few periods in recent history when markets have been more fearful.

The simple truth

The market troubles have brought a lot of things firmly into focus and the safety of people’s investments is now going to be seen as more important than the rate of the return they get.

Straw seeks review on repo case

Justice Secretary Jack Straw has called for the Government to review the implications of a High Court ruling this week that affirmed a mortgage lender’s right to put a property up for sale without a court order. The ruling by Mr Justice Briggs was in a case brought after GMAC-RFC appointed a receiver to auction a buy-to-let property when the borrower went into arrears.


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