Public still believes protection is 'too expensive'

clock • 2 min read

Nearly one in three people who don't have protection insurance have said they believe the products are too expensive, according to a study from Royal London.

The State of the Protection study of 2,000 people found that while a quarter of UK adults have a life insurance policy (26%), just 6% have critical illness cover and 4% have income protection insurance. Analysis of premiums Royal London customers pay reveals the average life insurance premium is £21.28 per month for over £120,000 of cover and the average critical illness cover premium is £30.58 per month for over £71,500 of cover. The second most common barrier was people not seeing the benefit of the product.  Yet almost two fifths (38%) said it was important to ensure that their fam...

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 Individual Protection

CMA clears Aviva/AIG Life acquisition

CMA clears Aviva/AIG Life acquisition

Full decision to be published shortly

Cameron Roberts
clock 28 March 2024 • 1 min read
22% of adults without children delay taking out protection: L&G

22% of adults without children delay taking out protection: L&G

11% were putting off financial decisions until marriage

Jaskeet Briah
clock 27 March 2024 • 2 min read
Over-50s life insurance undersold due to lack of education

Over-50s life insurance undersold due to lack of education

OneFamily research shows

Jaskeet Briah
clock 26 March 2024 • 1 min read