A&L warns over income loss
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Alliance & Leicester has produced a guide to protecting family finances should the primary breadwinner become unable to work.
A recent survey from the bank suggested that 56 per cent of British workers would be unable to cope financially in the event of sickness, unemployment or an accident putting an end to their earning.The survey also revealed that one fifth of British workers have no insurance or savings to fall back on should they be unable to earn. In comparison only seven per cent claimed to have an income protection policy sufficient to cover the loss of their income.
Stephen Leonard, director of mortgage, savings & investment products at Alliance & Leicester, commented: "Most of us prefer to think that ‘it will never happen to me’ but after losing a job suddenly, suffering a bad fall or becoming ill long-term, most of us would struggle to cover the cost of our regular monthly commitments.
"It is imperative that people plan for such eventualities and this guide sets out the options available to protect yourself and your loved ones should disaster strike."
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