Half of homeowners believe income protection pays out on redundancy

According to a survey of 2,000 UK adults aged 18 and above, redundancy represented the biggest misunderstanding. Nearly half (47%) of homeowners believed that income protection (IP) would pay out for redundancy, despite it being designed for illness or injury rather than job loss. The misconception increased among adults who already hold a policy, 61% of homeowners currently holding IP believed it would pay out for redundancy. Elsewhere, 19% of homeowners believed that IP is unnecessary as they assumed they would receive government support if they were unable to work due to illness...