The principal IFA at Norwest Consultants, Harry Katz, said: “The best thing to do, rather than having income protection, is to have what used to be called ‘money for a rainy day.’ But that doesnt happen anymore.”
However, Mr Katz said that it was important to have something in place in case the worst happened.
Income protection could be of benefit for those who were unable to save large amounts of money for an emergency, he added.
Mr Katz said that people such as young couples and first-time buyers were two such groups.
Research by Axa found that only 20 per cent of people in Britain currently have income protection insurance.
However, it also found that Britons were, in general, more likely to have some form of life insurance than their European counterparts.
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