"However, rather than use scarce public funds where self-help is available through protection insurance, we firmly believe that the right long-term solution is for the insurance industry and the Government to work together to encourage responsible borrowing.
"When people take on debt responsibly, they should only borrow what they can afford to repay from their current income and ensure they have protection insurance in case they lose their income in the future. This is particularly important for secured mortgages where individuals and families can lose their home.
“In a recession, it’s natural that people’s main concern is losing their job.
"However, regardless of the economic climate, people also need protection insurance in case they become too ill to work or in the event of the death of a family breadwinner.”
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