Brits urged to reassess insurance cover amid economic concerns
Britons have been urged to assess their insurance cover in the light of signs that an economic downturn is setting in. In a study conducted by PruProtection, it was discovered that nine per cent of the population have no insurance cover at all. Meanwhile, just 13 per cent of those polled have mortgage payment protection insurance, payment protection insurance or accident, sickness and unemployment insurance. This lack of cover is likely to be a key factor in what the insurer dubs an increasing "sense of financial foreboding" among Britons, with more than half of the sample confessing that their financial situation has become their chief concern. Sammy Rubin, chief executive officer of PruProtect, said that the figures underlined the importance of insurance and the peace of mind it can bring. He commented: "There is obviously a gap between what issues we, as a society, are worrying about and what we're doing to alleviate these worries. "Protecting ourselves in the event of changes to our personal circumstances can take a huge weight off our minds."
Share this..
Related stories
Mortgage costs may rise with new BoE regulations
31/10/2014 The Bank of England (BoE) will today announce new regulations for banks to maintain financial safety nets. Industry experts believe this may raise the costs of mortgages and penalise building societies. The new rules are expected to require “systematically important” banks to have a leverage ratio between 4% and 5%. This means that for every £25 that a bank lends, it must ha...
Read MoreNorthern Rock announces £1.4 billion loss and plans for bonus payments
The UK Treasury has this evening become embroiled in a new bank bonus row after plans were released to pay bonuses to both directors and those below director level at Northern Rock. While the company refused to put an exact figure on the proposed bonus scheme a spokesman also refused to confirm there would be a 10% salary cap on any bonuses paid.
This could not have come at a worse...
George Osborne cautions on UK economic recovery
Over the last few weeks there has been doom and gloom surrounding the UK economy and prospects for short to medium term. However, today's news that the UK economy grew by 1.1% in the second quarter of 2010 would appear to offer the perfect opportunity for the Chancellor of the Exchequer George Osborne to try and talk the economy up even further. So why is George Osborne remaining fairly cautious?...
Read MorePetrol prices hit all-time high
As we mentioned in one of our earlier articles, UK motorists have seen the cost of filling their petrol tanks increase enormously over the last two years. Today marks another difficult period for UK motorists with petrol prices hitting 119.9p a litre and concern that prices could push further ahead in the short-term. A mixture of a short-term increase in the cost of oil and the detrimental dollar...
Read MoreCable: Housing boom must be stopped
12/06/2014 Measures need to be taken to stop a housing boom from “getting out of control” in certain parts of the UK, according to business secretary Vince Cable. Various surveys and reports have revealed that house prices have been rising throughout the country by as much as 8% per year. However, the majority of the country has been outpaced by London, as house prices in the capital hav...
Read More