Simpsons should not beat protecting your family
Brits choosing Simpsons over protecting their finances
Tuesday, 15 Jul 2008 12:23
Britons are failing to protect themselves from the economic crunch, despite fears growing.
Research by the Association of British Insurers reveals 92 per cent of people think that the economic environment is worse now than it was a year ago and 82 per cent expect the economic environment to worsen over the coming year.
However, 69 per cent would not be willing to take out any protection insurance products in the future.
Nick Kirwan, ABI assistant director, said: "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."
Of those polled, 50 per cent said they had life insurance, but 39 per cent had no protection in place, such as life, payment protection, mortgage protection, income protection or critical illness insurance protection in place.
As the threat of economic slowdown grows, people are being urged to consider insurance and protection seriously in their budgets over luxuries such as pay-TV packages.
"Watching the Simpsons may lift your spirits, but it will not keep a roof over your head," said Simon Burgess from British Insurance.
"Given the current climate many will argue it's more important than ever to be able to switch off from financial pressures and enjoy watching a movie or sport.
"This I agree with, but not at the expense of losing your home. Job loss announcements are being made daily, yet I suspect more people are happy to shell out on monthly TV subscriptions than pay a lesser amount to protect their mortgage repayments."