Income protection insurance 'becoming increasingly important'

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Income protection insurance 'becoming increasingly important'

Mon 16th Mar 2009

An insurance expert has claimed that income protection insurance is becoming increasingly important to people in the UK thanks to the effects of the ongoing recession.

Chris McFarlane, the head of protection at LV=, claims that there is a "growing awareness" of the importance of insurance policies which cover customers' essential costs in the event of them being unable to work through illness or unemployment.

He added: "Protection is becoming increasingly important, both to advisers and consumers, with a growing awareness particularly around the importance of income protection."

Recent research by LV= revealed that many people in the UK would not have enough savings to keep themselves afloat financially for more than two months should they be made redundant.

The latest figures from the Office of National Statistics revealed that unemployment is on the rise in the UK and nearly two million people are currently out of work.

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