General Insurance Article - Royal London comments on HSBC's new savings research

 “Royal London welcomes HSBC’s savings survey. It shines further light on how many people are vulnerable to unexpected financial shocks, and highlights the importance of campaigns such as Seven Families which aims to raise awareness of the financial impact of long term illness and disability.

  

 “HSBC’s research very much correlates with our own, conducted recently by YouGov to support the Seven Families campaign. We found 5.2m mortgage-holders who earn an income have no plan in place to cover repayments if they become too ill to earn, and 2.6m of them admitted they don’t know how long they could survive financially if they were too ill to earn.

  

 “We urge mortgage-holders who earn their income to consider how they would cope financially if they became too ill to earn. Making a plan that includes how you would cover essential bills and knowing who you would turn to for financial advice, could make all the difference to an already incredibly difficult situation.”