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Yorkshire report shows need for cover
Yorkshire Building Society's report on the protection gap has highlighted the importance of having adequate financial safeguards, according to protection intermediary Lifesearch.
The report, entitled 'How the UK is living on the edge', revealed only 37 per cent of employees have long-term sickness cover to rely on.
While half of employed people in the UK have no form of income protection from their employers at all, YBS found only 10 per cent of people have income protection and 17 per cent critical illness insurance.
Matt Morris, policy adviser for LifeSearch, said: "Life cover is important but there is far more chance that you will suffer a serious illness or disability during your working life than death.
"Policies like income protection, critical illness and real life cover should be at the top of most people's protection shopping list.
"It is also important to remember most people drastically overestimate the amount of state benefits they will receive. If you want to ensure you can pay your debts and maintain your lifestyle if you are too ill to work, it is crucial to look into taking out financial protection."
