24
Jan

Income protection insurance and the COVID19 pandemic

There are differences between Income Protection Insurance in the UK and Australia.

However, the product’s aim is similar in both countries, whereby they offer protection against a loss of income if you are ill or injured and unable to work.

According to findings from GlobalData’s 2020–21 UK Insurance Consumer Surveys, 52% of UK consumers in 2021, compared to 37.4% in 2020, stated that their decision to buy income protection insurance was influenced by the COVID-19 pandemic.

Beatriz Benito, Senior Insurance Analyst at GlobalData, said

“Some consumers may feel more vulnerable to job losses and health concerns than in the past and are therefore examining ways of protecting themselves in an uncertain economy.”

Source

Contact us to find out more about how Income Protection Insurance works in Australia and if you would like a review.

Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) of Affinia Financial Advisers Limited ABN 13 085 335 397 AFSL No. 237857. See our website for our Financial Services Guide.  Always read the Product Disclosure Statement issued by an Insurer before considering insurance.