Only 10pc protect income
CONSUMERS are cutting out protection policies as a result of financial hardship, according to a Friends First survey.
The insurance firm found that almost 70pc of consumers have experienced a drop in household income in the past year. Four out of 10 consumers say that mortgage repayments are their biggest financial concern, while a startling 45pc fear that they or their partner could be at risk of losing their jobs in the next 12 months.
A startling 27pc of those surveyed said if they were unable to work due to illness or disability for a long period, they would be have to rely on the state disability allowance, which would entitle them to a payment of between €196 and €201.50 per week.
Less than 9pc had an income protection policy.