Income Protection News
Income protection insurance 'an essential cover'
Income protection cover and life insurance have been identified among products consumers cannot afford to live without as many consider cutting back as a result of the recession.
According to the Money Hospital, there are some insurance products that may be non-essential in certain situations such as where there are dependants involved.
Although still recommended for everyone, life insurance may not be essential for those without dependants such as children or a spouse, said the organisation.
However, it is vital for people with relations, according to the website, which said "you should be able to get a good deal in exchange for the peace of mind of knowing your family will be protected".
Income protection insurance is also an essential cover, especially for those with dependants, because "if you find yourself unable to work, it could make unemployment even harder to deal with, for yourself and your dependants" if without cover.
Therefore consumers should look at this as "high-priority insurance", because it would come in handy in the event of illness, an accident or redundancy.
Consumers were recently advised by Esther Shaw of the Telegraph to avoid doing away with cover and shop around for cheaper products instead.
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