Are you prepared to weather the credit crunch?

Article published on 14th May 2008

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Will you be able to pay your card bills and your mortgage if you are suddenly made redundant in this dodgy climate?

Insurance against loss of income in case you lose your job or are too sick to work is a good idea, but what do you choose with so many different income protection and critical illness policies out there? How can you even trust the insurers to pay out if something goes terribly wrong?

In this section of the site and over the next week we'll be looking at how best to mitigate against potential losses and whether you correctly insured.

Each and every family, according to AXA's International Protection Scope survey, is not protected enough when it comes to life and critical illness insurance. In fact the risks measure out at nearly two-hundred thousand pounds per average family or two and a half trillion pounds overall. The risks we face range from unemployment, through illness, disability and death.

Even though nearly 65% of Brits are indebted to loans, only 45% of us have insurance to protect us in case we can no longer meet loan repayments for whatever reason, mostly, or so the AXA survey suggests, because of our ‘won’t happen to me’ attitude. 70% of Brits believe that they will never face sudden unemployment or critical illness.

So, our first word of advice - don't become a statistic. Look around and get the most suitable income and/or critical illness insurance for your situation

We'll look at how best to go about doing so next time...

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