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Brits uninsured against loss of income

The majority of younger Britons are not financially prepared for a sudden loss of income, new research found.

Nearly six in ten 25 to 34-year-olds have neither adequate savings nor income insurance, according to Co-operative Insurance (CIS).

Typical "triggers", such as buying a house or starting a family, are not enough to compel Britons to take out insurance or reassess their savings, the research found.

Just a quarter of new parents are prompted to take out any form of income insurance after the birth of their child.

Women fare better than men when it comes to protecting their mortgage, with 35 per cent taking out insurance after buying their first home, compared to 24 per cent of men.

Fiona Jackson, head of protection at CIS, stressed the importance of preparing for the worst.

She said: "It can be hard to visualise a future where we are not as healthy as we are now, which is why many of us never get around to protecting ourselves fully.

"In reality, people should use these life-changing events as the catalyst to consider their financial situation, particularly if they find themselves in financial difficulty."

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07/12/2006 11:15:04

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