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12 Jul 2020

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Protection and life policies can help ease recessionary fears

Nearly half of parents in the UK (48 per cent) are experiencing stress as a result of the recession, a statistic that has prompted the Post Office to underline the importance of life insurance and income protection products.

According to research by the life policy provider, some two-thirds (64 per cent) of respondents worry about paying weekly bills; many feeling the stress are eating poorly (48 per cent), smoking more (22 per cent) or drinking greater amounts (22 per cent) than six months ago.

With financial situations looking increasingly worrying for many people, it can be tempting to cancel financial products such as term life or mortgage protection.

However, Duncan Caesar-Gordon, head of protection policies at the Post Office, explained that such products can actually help to allay fears caused by the recession by providing a much-needed safety net.

He explained: "One way of easing any financial worries is to ensure you and your family are protected financially.

"There are a number of protection products available to parents and families that can help achieve this, whether it's an income protection policy to cover monthly bills or life insurance to ensure your family is protected in the event of your death."

Earlier this month, a writer for the Observer urged consumers considering cutting back on their life cover to review their policies to see if they are eligible for cheaper premiums rather than cancelling altogether.

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Protection and life policies can help ease recessionary fears