New research conducted by insurance provider PruProtect has highlighted that with the impact of the credit crunch, falling house prices and growing consumer debt, life insurance and income protection are being seen as a lifeline for many financially stretched Brits.
According to the research, majority of Brits value financial security over home comforts and would cancel their TV subscription and mobile phone contract ahead of their life insurance policy or home contents cover. When it comes to the type of protection, 35% of Brits value life cover is the top priority and 35% of people prefer income protection as important cover.
Sammy Rubin CEO, PruProtect, said: With financial markets undergoing a period of uncertainty, many people may be feeling less secure with their budgets and may have to face the difficult decision of stripping down their monthly outgoings.
Life insurance-related policies such as income protection can be a vital lifeline, supplying funds to cover day to day costs such as mortgage or debt repayments, or if someone finds themselves in unexpected financial difficulties, such as being unable to work due to illness or injury.