Modern lifestyles 'might mean income protection insurance is a good idea'
Published On 9 February 2008
Modern lifestyles have made it more important for people to consider income protection insurance, an industry expert has claimed.Harry Katz of Norwest Consultants explained that, in the past, people had tended to make sure they had savings to cover themselves in the event of unemployment or illness.
However, he added that society had changed in recent years and that people were now "living off income or assets" and this meant that insurance was more important.
"What you have to bear in mind is that income protection is very good, but it's not necessarily the only solution," Mr Katz added.
"Ideally, if you're disciplined enough, you can save money for a rainy day.
"All you have to do is think, 'If I can't work, what happens?' If it means that your house is going to be repossessed, then you really need to think about whether you need [income protection insurance]."
Recent figures from Axa suggested that only 20 per cent of Britons have income protection insurance.
