The cost of living crisis may have a serious impact on the take-up of income protection policies, say advisers, who recommend targeting younger homeowners and renters as those in particular need of the product to safeguard against economic hardships.
With the cost of living rising to unprecedented levels and inflation hitting a 30-year high at 5.5%, the need for homeowners to invest in income protection as a fail-safe has reached a new height. Recent research from the Office of National Statistics (ONS) showed that average house prices in the UK have increased by 10.8% over the year to December 2021, up from 10.7% the previous month. Meanwhile, those in rented accommodation have seen energy bills and food costs spike, further increasing the risk of financial vulnerability. As a result, financial wellbeing has become more importa...
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