Liverpool Victoria: Many Brits would struggle if incapacitated

www.moneynews.co.uk > General finance > Liverpool Victoria: Many Brits would struggle if incapacitated

Liverpool Victoria: Many Brits would struggle if incapacitated

Thu 13th Nov 2008

A study by the insurer LV= has revealed that over a quarter of people in the UK would not have enough in their savings accounts to enable them to live comfortably if they were incapacitated.

LV='s survey revealed that 26 per cent of adults in full-time employment do not have any savings that they could fall back on if they were injured.

A further 30 per cent say that the money they have put into savings accounts would not be enough to survive for more than two months if they were out of full-time work.

The study also showed that 34 per cent of working adults would not be prepared to take out any form of insurance, such as an income protection policy, in order to safeguard their income in the event of illness or an accident.

Chris MacFarlane, head of protection at LV=, said: "In the current economic climate protecting your income in the event of being unable to work for a sustained period of time is more important than ever."

The new Welfare Reform Act passed last year aimed to reduce the numbers of people who are eligible for incapacity benefits, according to Disability Alliance.

For those ineligible to claim, income insurance may be even more important.

Click here for more insurance news

Related News : General finance
	Citizens Advice welfare applauds government
	Confused.com energy defends British Gas
	Bank of Ireland passes stress test
	Tesco Mobile deal 'courts consumers'
	Scottish Widows Investment Partnership notes favourable response
	Customers should fix now, says moneysupermarket.com energy
	Confused.com highlights importance of getting the best deal
	Prices on the rise, says moneysupermarket.com energy
	Bank of Scotland economic report 'suggests transitional phase'
	Clydesdale and Yorkshire Banks security advice issued

Related News : Insurance
	Under-insurance 'a costly mistake for Brits'
	Rodents and pests 'causing havoc for homeowners'
	Brits 'should be aware of home cover details'
	PPI scandal 'has helped tighten financial regulation'
	Location 'can impact home insurance costs for Brits'
	FSA and CC 'failed to tackle PPI issue head-on'
	Pet cover 'important for Brits to get right'
	UK homes are 'falling into disrepair'
	Brits advised on reducing home insurance cost
	UK insurance 'has become more complex'

Related News : LV=
	New annuity launched by LV=
	Retirement age 'to be brought forward by ten years'
	Equity release decisions 'need to be carefully considered'
	Equity release should be carefully considered, claims expert
	Equity release rules simplified by LV=
	Barings report shows huge numbers without pensions
	Equity release to replace pensions, suggests LV= survey
	LV= simplifies equity release regulations and cuts mortgage rates
	LV= urges govt to keep pensions calculator reform on the table
	LV= supports pensions calculator proposal