'Unprepared' nation highlights IP need

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The potential value of income protection (IP) has been highlighted by research suggesting most Britons would suffer serious financial hardship if they were suddenly unable to work, Canada Life Group Insurance says.

The study also found three quarters of consumers would be unable to maintain their current lifestyle for over a year if they could not work. Additionally, less than 10% of the 650 people surveyed would be able to fund their current lifestyle by using their individual income protection (IP) policy. A further 5.6% would turn to a group income protection policy, it found. Yet, almost half of consumers confirmed they would rely on their savings alone. Marion Ware, head of marketing at Canada Life Group Insurance, says: "The fact that nearly one in four consumers think they could survive f...

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