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If you are struggling to keep up with your mortgage and your debts you need to consider taking out protection to avoid further problems.

Many Brits are walking a tightrope by not having income protection, critical illness or life cover or even simple things such as home and contents insurance.

According to Scottish Widows, when asked how they would survive financially in this situation, 45% of Brits said they would have to use their savings if they were unable to work for six months or longer due to ill health and personal injury, critical illness or even a serious accident. However, its research also showed that almost two thirds of people who plan to fall back on their savings in this situation only have between £500 and £1500 saved up – how long could you survive on just £500?

A no-protection strategy is even more risky if you have no savings at all – how long could you survive if you were unable to work? Could you service your debts and your mortgage without any income? And what about if the worst happened – would your family be able to cope with your responsibilities without you?

It is hard to find money for cover when you are struggling to keep up with all your debts as it is, but the alternative is much worse – without protection you will suffer if you lose your ability to earn money. Talk to a mortgage adviser about protecting yourself and your family. It needn't be expensive and it needn't be a hassle – but it could be a lifesaver if the worst happened.

SOURCE: Scottish Widows, 09/07/09

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