Payment protection insurance levels falling

Tue, 15 Jul 2008

Life insurance news today carries the warning that many households will not take out payment protection insurance, one type of life insurance policy, due to problems in the UK economy.

The Association of British Insurers found that 70 per cent of people in the UK would not choose such a policy. The assistant director of health and protection insurance, Nick Kirwan, was reported as commenting:

"It is worrying that so many people are not prepared to look at taking out protection insurance, even insurance which covers redundancy given the uncertain economic outlook. It's clear that we need to work harder to get the message across about the peace of mind and value that having the right protection insurance gives individuals and families. We recently published a consumer fact sheet on protection insurance products. We hope this will encourage more people to consider protecting their most important financial assets - their income and their home."
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