Three in ten UK adults are uninsured against events such critical illness and redundancy, and 8% have cut back on or stopped their insurance cover over the last year.
The website Unbiased says 15 million consumers are uninsured in vital areas, including life assurance, income protection and mortgage payment protection.
Karen Barrett, CEO of unbiased.co.uk, said: “We need to raise awareness amongst consumers that the State is no longer prepared to intervene in the event of ill-health or redundancy. It is up to each of us to take on this financial responsibility.”
“Our recent survey found that over 15 million UK adults would be financially at risk if they were to lose their main source of income, yet despite this, 15% of people don’t see income protection as necessary and 15% claim they can’t afford it.
“In addition, when consumers were asked which insurance products they rated as most important in providing them and their family with long-term financial security, income protection was ranked seventh, below mortgage payment protection, motor insurance and building and contents insurance.”
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