Just one in four Brits have loss of earnings insurance

Study suggests Brits mistrust insurers

clock • 1 min read

As few as one in four, or 23%, of British adults take out loss of earnings insurance to protect their income in the event they lose their job, a nationwide report from Perspectus Global has found.

The findings come despite the recent Covid-19 pandemic, which saw individuals lose jobs or experience job insecurity after being placed on furlough. Perspectus Global's report found there were significant barriers to adults taking out policies and claiming on them. As many as 72% of UK adults had decided against making a valid insurance claim, instead paying out of their own pocket to resolve issues, in addition to their insurance payments, it found.  The study found the average adult will choose 20 times a year not to make a claim they feel is legitimate. One in 10 people cited...

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

Profile of an IP customer: BMI and protection

Profile of an IP customer: BMI and protection

Weighing the facts

Jo Miller and Warren O'Connell
clock 11 December 2025 • 3 min read
Low IP uptake due to misconceptions: Shepherds Friendly

Low IP uptake due to misconceptions: Shepherds Friendly

14% of working adults have IP

Cameron Roberts
clock 24 November 2025 • 2 min read
Profile of an IP Customer: Mix and match protection

Profile of an IP Customer: Mix and match protection

Why multi-benefit plans are winning

Jo Miller and Warren O'Connell
clock 20 November 2025 • 3 min read