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Homeowners urged to have income protection cover
New research has found that only nine per cent of consumers have income protection cover to ensure that their mortgage and other bills continue being taken care of if they lose their source of income.
In spite of the unstable economic situation and increasing repossessions, the insurance provider LV discovered that British people are still keen to own their own homes and two-thirds (67 per cent) would be devastated if they did not.
However, many lack proper financial protection measures to take care of their mortgages in the long term because just over a third (37 per cent) have some form of protective measure.
According to LV head of protection Chris McFarlane, homeowners need to ensure their future financial security is properly secured.
They need to be very clear about what their cover includes and whether the replacement to their regular income would dry up after a short time, as mortgage payment protection insurance often does, he said.
Protecting a breadwinner's loss of income over the long term now, rather than reacting only when the worst happens, would make just a modest impact on most people's finances, yet it would provide vital assistance if needed.
Products to consider include life insurance and income protection cover.
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