Zurich: There is 'high untapped demand' for income protection

clock • 2 min read

There is 'high untapped demand' for income protection cover, according to research from Zurich exclusively shared with COVER.

Over half of respondents to a major global survey (52%) reported that they would consider buying this form of insurance, yet only around 11%* of the UK working population have cover in place. The main reason given by individuals for not having income protection insurance was a perceived high cost. Those that report being willing to consider buying it said they would be prepared to pay around five per cent of their monthly income for cover. In reality, the cost is significantly less at around 1% of earnings for a healthy, younger person. The majority of those surveyed (60%) said ...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Income Protection

Why we still need to talk IP

Why we still need to talk IP

"Increasing sales starts with education"

Matthew Chapman
clock 14 March 2024 • 3 min read
Cirencester Friendly pays out £9.3 million in 2023

Cirencester Friendly pays out £9.3 million in 2023

Nearly half of claims were from Millennials

Jaskeet Briah
clock 14 March 2024 • 2 min read
British Friendly pays out £5m in IP claims

British Friendly pays out £5m in IP claims

Provider pays out 89% of new IP claims in 2023

Cameron Roberts
clock 11 March 2024 • 1 min read