People are being urged to make sure they are regularly checking their financial situation, especially as the current economic climate means there is a risk they could be made redundant.
LV= also claims that income protection insurance is vital in uncertain times, reminding workers that it is down to them, not their employer, to ensure appropriate protection is in place.
Payments for other insurance policies, such as car or motorcycle insurance may be affected if people do not have a regular income to meet their financial commitments.
A spokesperson for LV= said that "people think that it won't happen to me and they hear a lot of these stories", but many "don't realise what kind of position they would be in" if they had no income for a significant period of time.
According to a survey conducted by LV=, 34 per cent of people said they were not prepared to take out insurance to protect their income should they find themselves out of work
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