Nearly seven in 10 UK workers (67%) do not have any form of income protection (IP) in place as many still consider the product to be an expensive luxury or afterthought, according to research by National Friendly.
The mutual surveyed 2,000 adults and found that 16% of workers believed their employers would still pay most of their income if they were absent from work. Meanwhile, more than half (51%) of young people aged 18-34 had some form of cover in place to protect their income in the event they are unable to work due to an accident, and they were more likely to take out accident only income protection (AOIP) cover than any other age group. This compares to 28% for those aged 35-54 and 14% for those aged 55+, leaving 72% of 35-54 year olds and 86% of 55+ workers financially vulnerable should ...
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