Research from Scottish Widows shows fewer people are buying protection even though they know savings are insufficient to cope in the event of lost income.
The fourth Scottish Widows Protection Report, a survey of 5000 households, shows a marked annual decline in the number of people taking out life insurance (at 38% down 6% from 2011), income protection (at 5%, down 2%) and critical illness cover (at 1%, down 1%) leaving themselves and their families vulnerable should the unexpected happen and their circumstances change. More people are saving (up 5% from 2011) and nearly 40% of people are paying attention to paying off their household debts. However, even though the number of people saving has increased, respondents have little confide...
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