57% of home owners at financial risk

According to recent research,* over half of 25-34 year olds would not be able to afford their monthly outgoings if they became unable to work for a prolonged period of time.

Over 1,500 people in the UK were questioned as to the type of financial protection they have, or plan to have. Surprisingly, life-changing moments such as getting a mortgage, marriage or having a baby, does not necessarily make people review the financial cover they have.

The research reports that 35% of the women questioned view buying their first home as the time to make provision for future possible sickness or serious illness, compared to 24% of the men questioned.

The shocking conclusion that 57% of these people would be in financial difficulty should they become ill or lose their job is a real problem, says Simon Burgess from independent payment protection specialists BritishInsurance.com.

“I don’t believe it is all a case of them sticking their heads in the sand” he says “but more about the way PPI is sold and the price of the products”.

He is referring to the horror stories that have been in the Press over the last year surrounding the PPI market as a whole.

Mis-sold policies, hard-sell sales practices and over-priced, sometimes mediocre, products sum up how the PPI market is viewed by many consumers and industry insiders at the moment.

High Street banks and lenders have the finger pointed at them for selling expensive, sometimes useless, policies and this is all consumers see.

“However” says Burgess “people need to be aware that they can get low cost, comprehensive cover which will protect both them and their family. It can mean the difference between being out on the street and keeping a roof over their head”.

Visit BritishInsurance.com for low cost loan, income and mortgage protection policies.

* Research: Co-operative Insurance (CIS)