Many Brits don’t have insurance against loss of income

Most households in the UK are reliant on at least one income, with many reliant on tow or more incomes. However, it seems, according to recent surveys, that many people fail to loom at the big picture when it comes to their income, failing to think about what would happen in the event of the loss of one of these essential incomes, and moreover taking no action to ensure protection in the events of loss of income.

According to the results of a recent survey, over fifty percent of households in the UK rely on more than one income, and in the event of the loss of an income would be left struggling to repay things such as mortgages and loans, pay bills, and manage other day to day and household expenses. However, despite this reliance on more than one income only a quarter of households in the UK have actually got insurance cover in place to protect them against the loss of an income.

A recent report detailing the results of the survey stated: "These findings show that if a breadwinner becomes long-term ill – or dies – the average household in the UK does not even have their essential expenditure covered – let alone enough money for those little luxuries."

A spokesperson from Scottish Widows also made a statement with regards to this type of cover, adding: "The majority of the population is walking a financial high wire without a safety net. Nobody knows what is around the corner, but we have to accept that all too often illness does strike and accidents do happen. If people don't start to take responsibility for their own financial futures then they could be left in a position where they can't even cover the essential expenditure in their lives."