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According to the Office for National Statistics, long-term unemployment in the UK is at its highest level for 16 years. Income protection can offer valuable peace of mind during a recession, yet only a small percentage of the population take advantage of this type of insurance.

The latest figures from the Office for National Statistics reveal that the number of people unemployed for more than a year rose by 27,000 to 887,000, the highest level since 1996. But according to the fourth Scottish Widows Protection Report, three in four UK families have no financial protection in place if they lose their job through accident, sickness or involuntary unemployment.

Dr. Richard Theo, of comparison website, believes that people are disregarding the most important type of insurance on the market. He said: “Many people insure their lives, cars and homes, but neglect to insure the one thing that maintains their lifestyle: their income. The latest...

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