Scottish Equitable Protect have warned that only a minority of the UK's population have made provisions against the risk of defaulting on repayments.
Although people now have more financial commitments than ever before, less than 25% of the UK's 11 million mortgages are covered by protection policies. Only 3.5 million critical illness policies have been taken out throughout the whole of the country.
Scottish Equitable Protect added that people are aware of the pensions gap, through a great deal of publicity, but largely ignore the need for protection. On other financial commitments a point to consider is that if someone's income dries up due to being out of work long term, they may be risking their financial future through not being able to contribute to their pension scheme.
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