Income protection insurance a must to keep financially healthy

Fri, 24 Aug 2007

Financial health and security can be as important as wellbeing (for which private medical insurance can be helpful), and Defaqto have gone on record saying that income protection insurance is an essential aspect of complete financial security.

Defaqto, who are the leading financial product research company in the UK, are calling for insurance companies and financial advisers to commit to income protection insurance. They highlighted that this insurance could affect future well-being. The research also revealed that sales levels are slipping.

The author of the report, Nick Telfer, the head of life and protection at Defaqto, reportedly commented: "I recognise that some insurers have taken steps to simplify the application process but still more needs to be done to improve the appeal of the product itself. Besides being intrinsically complicated, comparisons between different provider offerings are extremely difficult. If this important product is not to wither away through inertia, the industry needs to rethink both how to improve the general appeal of the product and how the product itself can be developed to meet the differing levels of needs that exist in the market."
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