A recent study has shown 27.7 million people in Britain are now financially vulnerable. That’s a quarter of adults in the UK, which is a shocking figure.
According to the FCA who conducted this study say characteristics such as poor health, low financial resilience or recent negative life events will all support this figure.
The study has highlighted the enormous threat to people’s incomes from the pandemic, with one in three (or 15.9 million adults) say they expect their household income to fall, while 25% (or 13.2 million adults) expected to struggle to pay the basics.
Whilst we are all aware of the current Covid-19 pandemic, what is next around the corner? Unfortunately, just because Covid-19 is on the decline now in the UK, other illnesses are still common and could have you off work for a lengthy period of time.
We showed these figures to A-Plan, Income Protection Manager, Martin Hedicker “These figures are seriously shocking and really are a concern for the UK. It is so important for people to be financially resilient and have money put aside for a rainy day. It is a shame to do, but we must all plan for the unexpected. Covid-19 has really surprised us all and nobody really predicted it. Therefore, it’s essential we plan for the unpredictable and that our finances can cope.”
Income protection is a product that can support your financial resilience. Income protection insurance will pay you a monthly benefit if you are unable to work due to an accident or illness. Quite simply the product can offer a lifeline when things do not go to plan.
Here at A-Plan we will assess your own unique situation and look at insurers based on your age, current health, occupation, and the amount of cover you would need to sustain all your basic living.
Why not speak to A-Plan to get your Income Protection quote?
Here at A-Plan our team are experts in protection insurance and will discuss with you your own situation and provide you with tailored advice to suit your needs.
We can help you protect your income when the unexpected happens.
A-Plan exclusive – New client offer – 3 months free (via refund) on all new Income Protection policies. (Offer ends 30th September.)
Click here to get an income protection quote or call us on 0800 172 172 to discuss your needs in more detail.
Terms and Conditions of Cashback offer
**Offer only available to new clients and limited to one policyholder per household. Offer ends 30th September 2021. Refund of 3 months premiums will be sent via BACS when 12 months premiums have been paid. Refund will be sent via BACS into the account the premiums are being paid from.