Six in ten Britons do not have any protection in place and a third would be forced to drastically cut back on living costs should they or the main breadwinner be unable to work, according to new research.
The results from Scottish Provident's Financial Safety Net Report show that 58% of the population has no form of protection and 31% would need to considerably reduce their spending if they had no income for a prolonged period. Perhaps more worryingly, 35% of the nation has life cover, but the levels of other protection products are drastically lower. Only 13% have critical illness cover, 9% have income protection and 5% own unemployment benefit. The provider believes wide-spread misunderstanding of the products available and their relative cost remains a problem as 39% of the 2044 ...
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