More people need to consider taking out financial protection in order to avoid future debt, it has been suggested.
Iain Mallon, the director of marketing protection at Axa Life, made the claim after it was revealed that nearly half of all working women do not have protection.
He warned that too many people are “not taking the time” to think carefully about what could happen if they fell ill and were unable to work.
Young people are particularly guilty of this, Mr Mallon noted, as they have not “got to the stage” where they consider such scenarios.
“It’s not the sort of thing you get up in the mornings to do and quite often you need prompting,” he remarked.
An insurance policy could help to pay the mortgage and avoid bankruptcy in the event of illness.
However, a recent survey from the Association of British Insurers found that although 82 per cent of people expect the economic situation to worsen, 69 per cent would not be prepared to take out protection insurance.
By Jamie Price