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Insurance cover 'can be a lifeline' for graduates
Tuesday, 28 October 2008
Life after graduation
Graduates should take steps to ensure their financial security, with insurance products often a "lifeline" in the event of unforeseen difficulties, it has been suggested.
According to Bright Grey insurance expert Roger Edwards, cover products are equally as important for those just embarking on careers as those with financial obligations such as mortgages.
"Saving a few quid per month" does not justify the risk taken by ignoring products such as life, contents and income protection insurance, he suggests.
Furthermore, those graduates who have taken cover out but are now considering cancellation in order to preserve money, should think again, Mr Edwards adds.
"There are other ways to find that money each month," he claims, as professionals can quickly find themselves "in trouble" financially should they be made redundant, fall ill or suffer and injury.
Research conducted by Tickbox.net on behalf of Bright Grey during summer 2008 revealed that seven per cent of UK professionals have cut back on insurance spending because of the credit crunch.