Consumers need to be educated on the importance of IP

insurance

Only one in 10 of the of the working population has IP cover, so there is a need to better educate both consumers and advisers of the importance of having some kind of protection

On the one hand we have income protection (IP) cover, which should be selling in much larger numbers than the 200,000 or so policies sold last year. On the other, we have mortgage payment protection insurance (MPPI) or accident, sickness and unemployment (ASU) cover, which sells in reasonable enough numbers, though is still attracting a great deal of criticism in the press for a variety of reasons. What are the problems with IP? Many would argue that it should form the very cornerstone of one's protection needs. It does not take a genius to work out that it becomes pretty difficult to meet...