A study by Financial Times Business has found that the main barrier to people buying income protection is their belief that they will not become disabled over a long period of time. The second biggest barrier was cost, with three quarters of people believing that the product was too expensive, while the third was that clients do not trust insurers to settle claims.
The report also showed that the reasons that encouraged independent financial advisers to recommend income protection to their clients, were their financial commitments, the number of dependents and existing benefits.
Our view
The reality is you are six times more likely to suffer a serious illness or have an accident then you are to die before age 50.
Many people will need a sickness benefit of some sort or at least will suffer financially from not having one. It is not as expensive as you think.
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