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The Life Insurance Market
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With the credit crunch looming, people with mortgages in distress, shopping bills rising, do we have money to spend on life insurance and other forms of protection? Life offices, reinsurers and independent consultants predict a fall in life insurance and critical illness sales. However, on the other hand they predict a rise in demand for Income Protection! (Industry Views Report, LifeSearch December 2007-January 2008)
Does this mean we as consumers are more concerned about not being able to work and losing our salaries? Have we realized just having life insurance, that pays out if we die is highly unlikely ever to payout?
We all need some form of protection, especially if we have a family or a mortgage. The good news is the Industry Views report also suggests the cost of life insurance will fall and the price of Income Protection and Critical Illness policies will flatten out in 2008. Does this mean we can all be better protected?
Some argue consumers are unaware of the differences between Income Protection and Payment Protection Insurance. Does the ABI need to do more to ensure consumers are made aware of the differences between these two products?
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