Axa has warned that millions of Britons do not have protection cover - which could leave them in dire financial straits.
Many people in the UK could be left without any cash in under a month if they were made redundant, according to a new study.
Research by insurer Axa Life found that nearly half of the UK's population do not have any type of protection cover, such as income protection or critical illness cover. Additionally, just a third have a plan in place to take care of their mortgages if they are unable to make payments.
Around half of all adults have less than £1,000 in savings accounts, while three-quarters save less than £100 each month. With the average household expenditure standing at roughly £450, many could be left without any safety net should they lose their job.
The latest estimate from the British Chambers of Commerce has suggested that unemployment is set to reach 3.2 million in the UK.
"Financial provision is generally seen as rather dull and low priority," said Axa head of protection Iain Mallon. "But every year thousands of families are financially affected by the loss of income from a breadwinner. In the current economic climate this is only going to get worse."
"This is a serious issue for the UK public and one that needs to be addressed if people are going to be properly protected."
