UK Money News
12th June 2008
Households' finances 'could unravel in downturn'
Families have been urged to protect themselves from the economic downturn expected over the next two years by ensuring they have appropriate insurance cover.
Legal & General issued the warning as households are being hit with soaring food and energy prices and higher mortgage payments, which it claims could "unravel family finances".
In these circumstances, it is vital that they are covered by life insurance since the death of a breadwinner could prove ruinous, according to Bonnie Burns, production marketing director of protection at the insurer.
She said: "Anyone with a mortgage is likely to be worrying about how much their payments might rise if they have to remortgage this year. This is set against a backdrop of higher council tax, higher food and petrol bills and slow wage increases.
"The question on many people's lips could therefore be ‘can I afford protection?' but the question should be ‘can I afford not to have it'"
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