Life insurance can be "very important"

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Life insurance can be "very important"

Fri 15th Feb 2008

Libra Financial Planning said today that it believes life insurance is a "very important" policy, particularly if they have a young family or other dependants.

Stuart Budgen, a spokesman for the firm, commented that in the current uncertain financial climate people need to be more aware of the need for life insurance.

With reports of increasing repossessions in the UK, he also recommended that people consider income protection so that if they are unemployed or unable to work they have a safety net to cover the mortgage.

Mr Budgen advised people to speak with a financial advisor about their options and added "then, it's down to you".

The UK insurance industry paid out £17 million in death benefits in 2006 according to the Association of British Insurers, while 40 per cent of households currently have life insurance.

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