Income Protection News
Income protection vital as house purchases pick up
Improvements in house affordability in recent months have seen an increasing number of people get interested in purchasing property, leading to a slow rate of house value declines in the UK.
This has been highlighted in the latest Nationwide House Price Index for June, which has recorded a 0.5 per cent fall in average UK house prices, further increasing affordability.
However, observations made by the company's housing economist Martin Ellis on the future performance of the sector underscore the importance of those getting mortgages putting in place relevant measures to protect their source of income.
Such measures include obtaining income protection insurance or accident, illness and unemployment cover, which could come in handy in case of redundancy or inability to work due to health issues or injury.
According to Mr Ellis, "the outlook for the UK economy remains uncertain with unemployment set to continue rising for some time" despite some signs of improvement, which will impact upon the performance of the housing market.
Legal & General recently published figures showing that an increasing number of British people are taking out protection such as life insurance and income protection cover.
According to the organisation's Martin Noone, people are taking out income protection, family protection and business protection cover.
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