Protection accounts should be added alongside the incoming personal accounts, an influential think tank has said.
The revisions would mean people pay into the new account while working to support themselves in the event of unforeseen costs such as unemployment and disability.
Launched by right wing think tank Reform, the proposals do not include life cover automatically.
There would be minimum contribution levels and people would be free to top up their coverage with other insurance products.
Reform believes these personal protection accounts will build on the success of ISAs along with the introduction of auto enrolment and personal accounts for retirement savings in 2015.
Read the full report here.
