Insurance protection for income 'a priority'
27th June 2008
Consumers who are concerned that the credit crunch may affect their job security should look to protect their income.
That is the advice given by financial services company Fool.co.uk, which has also advised consumers to "shop around" for the best deal.
David Kuo, head of personal finance at Fool.co.uk, said: "With the credit crunch nibbling away at economic growth, protection from redundancy may be more of a priority. Consequently, protecting your income will provide some peace of mind."
Mr Kuo has emphasised the importance of "reading the small print" so that individuals are aware of exactly what they are covered for and know "what exclusions apply".
Research conducted by Fool.co.uk in May 2008 revealed that consumers spend over £1,500 on insurance each year and six per cent of those polled revealed that they were trying to insure all their possessions.
Over half of those questioned - 60 per cent - said that they disliked insurance, but that it was a price worth paying.