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13 Aug 2020

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Income Protection News

Companies not preparing for the unexpected

People in employment may want to cover themselves against possible redundancy and loss of income following revelations that a good percentage of their employers risk succumbing to the recession due to the way they operate.

Research from Scottish Widows has revealed that many businesses in the UK are not doing enough to shield themselves from the unexpected, which underscores the need for people to put in place their own protection mechanisms.

Such mechanisms include taking out products such as income protection insurance or accident sickness and unemployment cover, which can come in handy should a person lose their source of income in the event of a company going under.

According to the research, despite the fact that three in five UK businesses admit that they would not be able to survive if they were to lose a key employee, four in five (81 per cent) depend on such important persons.

More worryingly, 67 per cent of businesses do not have any key employee insured with life cover or critical illness protection, which could leave them badly exposed if the person was to be taken ill or die.

These findings highlight the importance of people having their own fallback plans, which can guarantee some continuity in earnings.

 

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