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Brits neglecting loans protection, study suggests

Brits neglecting loans protection, study suggests

Category: Loans

Updated: 05/01/2009
First Published: 02/01/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Britons are not prepared to cut back on spending in order to protect against a potential loss of income, it has been found.

Just 33 per cent of those surveyed by Zurich said they are willing to take out insurance for the event that they are unable to pay back secured or unsecured loans.

And the insurer revealed that a fifth of people do not have mortgage protection cover and are not considering taking it, with many citing expense as the main barrier.

"Most people are happy to insure their house and its contents, their car ... or their mobile phone, but they often give little thought to the income that funds their lifestyle," said Zurich's Peter Hamilton, adding that cover is more important than ever in the current economic climate.

Last week the British Bankers' Association revealed that unsecured lending remains subdued in the UK, with the value of personal loans granted in November nearly 26 per cent lower than a year

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