27 Million UK adults walking the high-wire with no safety net

According to data published by Scottish Provident today, 73% of British adults believe they have to make their own provisions to ensure their standard of living is maintained if something was to threaten it, such as a serious illness. However only 15% of those questioned currently have a critical illness plan. This is just one of the findings of research carried out by Ipsos MORI on behalf of Scottish Provident - the results point to some interesting conclusions. All over the UK people are balancing on a high wire with no safety net to protect the income that provides for the basic things in life, not to mention those little luxuries!

Every increase in a household’s spending raises the financial tightrope its members walk to an even dizzier height.

The Credit Crunch
We've all heard the doom & gloom in the media and many of us have witnessed it's devastating effects first hand, yet the protection gap increases demonstrating that many are still burying their heads in the sand and taking for granted the standards of living they have enjoyed in recent years. This is at the very time when most acknowledge that both the State’s and their own provisions will probably not be enough to catch them if they fall.

The Safety Net
Scottish Provident commissioned IPOS MORI to carry out research in December 2008 and the results point to the same conclusions. Some of the headlines are:

* Outlook for the future is less optimistic than 5 years ago
* Family seen as most popular source of advice for personal finances.
* Price still perceived the major barrier for those who don't have insurance to provide in the event of a critical illness, sickness, accident or disability.
* People are less willing than 5 years ago to give up subscription tv to save money

The research shows that 60% of the adults surveyed feel having savings is important for a reasonable standard of living. With interest rates at a record low, growth of these savings is hampered. And if they were to lose the ability to earn through illness or unemployment, how long would these savings last?

It seems that the growing gap between the income they enjoy and the protection they are prepared to buy, the High Wire Generation are surely setting themselves up for a pretty nasty fall.

Ironically, the cost of putting protection in place to safeguard against the worst is a lot more affordable than many people realise.

Thanks to innovators in the protection industry, such as Scottish Provident among others, things like unemployment and short-term or long-term illness or accident can be insured to deliver a replacement income for as long as it is needed at very reasonable premiums; additionally, more serious event such as suffering a serious or critical illness or even death can have their impact softened with a lump-sum payout and/or an ongoing income sufficient to cover things like a mortgage balance or remedial care, again at very affordable rates.

So if want to find out more about getting that safety net in place to make your future tightrope walking a little less terrifying just call 0845 003 0065 or click for a no-strings discussion and a free quote