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Income protection insurance 'could prevent repossession'

Income protection insurance can help prevent people from losing their house, according to an independent financial adviser (IFA).

Harry Katz, the principal IFA at Norwest Consultants, said that if people are ill and cannot work it may leave them wishing that they had income protection insurance - as they may not be able to meet payments otherwise.

"If your family is left with a repossessed house because you're ill and you can't work ... you'll turn around and say 'I wish I had income protection'," Mr Katz said.

He added that before such an event, consumers may not think they can afford to take that form of insurance but affected people "could end up losing [their] house".

The adviser also said that in an ideal world, income protection insurance would be unnecessary as people would put money aside for such eventualities. However, "that doesn't happen anymore", Mr Katz said.

According to recent research from Axa, one in five Britons have income protection insurance.

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11/02/2008 15:07:35

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