Public lacks cover against loss of income

One of the biggest debt causes facing the British public is a lack of insurance to cover the incapacity or death of a household's main earner.

24 million people lack any sort of protection from loss of income, according to pension company Friends Provident's Protection Oversight report.

With numbers out of work rising, employees should be aware that employers do not have to pay any redundancy settlement to workers with less than two years' service – only their notice period.

That means that families can find themselves with no income, not meeting minimum payments and falling into mortgage arrears very quickly.

Spokesperson Ed Stuart-Brown urged the public to check their levels of cover and how much they would need to stay out of financial difficulties if the unthinkable should happen.

Debt problems - Household Finance Index

22/03/2011

Debt problems could put an even greater pressure on homewoners finances in the coming year, followin ...

Debt problems – energy debt

16/03/2011

People in the UK that are currently dealing with debt problems are having their situation made worse ...

Debt problems: advice options

09/03/2011

Britons who are having to deal with debt problems at present do have a broad range of outlets when i ...

Debt problems: water meter

01/03/2011

Debt problems that cause daily problems for the UK's consumers could be alleviated with the addition ...