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Finances would not survive illness

More than half of the UK working population do not believe they would be able to survive financially for more than three months if they fell ill.

New research from Swiss Life shows that 51 per cent say they could not last more than three months and 34 per cent say they would rely on the state to pay their living costs if they were off sick. Despite this, 65 per cent are aware that Government support is less than £75 a week.

When asked what type of insurance they view as being the most important for them, income protection rates highest for only 8 per cent.

Swiss Life says all these factors form a worrying situation of under-protection and misplaced priorities when it comes to looking after financial security.

With the debate over what critical-illness cover will cost and what conditions it will cover, Swiss Life says this is an ideal time to promote the benefits of IP, seen by many in recent years as CI&#39s poorer cousin.

Research and planning manager Rosalind Pearson says: “The research was aimed at getting under the skin of what people&#39s priorities are regarding protection. It should help IFAs understand their clients&#39 thinking on the issue when they are giving advice.”


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What's going on in the 'offshore' world?

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