Research by global financial services company Swiss Re shows that new sales of Payment Protection Insurance are on a sharp decline.
They attribute the decrease in sales to three factors:
- The state of the economy
- Employers stopping income protection cover for their employees
- Coverage of mis-sold PPI policies in the media
Swiss Re says this has resulted in a massive gap of £190 billion between the cover adults currently have and the cover they should have.
A survey by the Institute of Financial Planning (IFP) backs up what the financial services company have revealed and found that 75% of people admit they would struggle all or some of the time if their circumstances changed for the worse.
Popularity: 30%
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