View more on these topics

Help your customers buy peace of mind

JAMES WATSON
JAMES WATSON, SALES DIRECTOR, PAYMENTSHIELD

Large employers such as the Royal Bank of Scotland are hitting the headlines with redundancy announcements.

Is this making the public panic into safeguarding their future? Unfortunately not.

A YouGov survey commissioned by Paymentshield earlier this year revealed that only 4% of people claimed to have income insurance, showing a dangerous lack of concern in an unpredictable economy.

It could be argued that people feel secure in their employment. But this goes against other reports looking at job security.

Recent research by HSBC showed that some 29% of the UK’s employees believe their jobs will not be secure over the coming year.

So is the lack of take-up of income protection down to confidence in the government to bail them out?

The YouGuv survey revealed that 36% of people would rely on benefits should they lose their job, yet 41% did not know how much they could claim.

Respondents estimated they would need £875 to cover their monthly outgoings. But worryingly, the weekly Jobseeker’s Allowance for over 25s is just £67.50.

Those lucky enough to be in full-time employment need to take responsibility for their well-being and plan for the future. At the same time, brokers need to raise clients’ awareness of income protection.

As affordability is a top priority, the industry needs to explain how the peace of mind that protection brings is a good return on the money spent.

Recommended

P13 IAIN MALLON

A little happiness for the housing market

A positive news story was doing the rounds recently following the results of a recent survey into happiness. The findings offer a glimmer of joy at an otherwise gloomy time for many. The Organisation of Economic Co-operation and Development’s survey found that of the Brits asked, 68% said they were satisfied with their lives. This […]

CML lifts 2011 lending forecast to £140bn as credit constraints ease

The Council of Mortgage Lenders has raised its 2011 forecast for gross mortgage lending by £5bn to £140bn. In December 2010 the trade body predicted £135bn of gross lending in 2011 and net lending of £6bn. But in its News & Views newsletter last week, it says credit constraints are starting to ease so it […]

The Mortgage Mole

ON THE RUN AGAIN The running bug has taken hold of the formerly fitness-shy staff of Mortgage Strategy. The editor, self-confessed couch potato Robert Thickett, recently ran the London Marathon and senior features writer Samuel Dale went on an extreme diet to complete the Bath half-marathon, now deputy editor Natalie Thomas is to run the […]

Newsletter

News and expert analysis straight to your inbox

Sign up