Life - Articles - Aegon comments on ABI's Income Protection and Welfare report

 Following the publication of the ABI’s Income Protection and Welfare report this week, Aegon’s Protection Director, Dougy Grant said:

 “It’s a concern that over the last few years, with the decrease in sickness benefits provided by the state and employers, and an increasing number of self- employed people, there has not been an increase in the sale of income protection cover. As an industry we need to take steps to address this, by raising consumer awareness of the benefits and improving the product design so that it’s easy for consumers to buy and have confidence that it will pay out in the event of a claim. It’s not only 'income' that a family loses when they are unable to work. There are additional costs like increased heating and lighting bills that need to be covered. Families need to plan for the unexpected.”

 “In the summer our “What really matters” report highlighted that those at work face a massive income shortfall should they fall ill and be unable to work for a year and that almost one in three (30%) working mums have no savings whatsoever. This lack of planning for the unexpected doesn’t reflect people’s priorities in life which our report found to be health, happiness and financial security for their families.”