Only 7% of UK adults have critical illness or income protection

One in four currently have life insurance

John Brazier
clock • 1 min read

Less than one in 10 adults in the UK currently have either critical illness cover or income protection, according to research from investment management firm, Charles Stanley.

A survey of more than 2,000 UK adults found that fewer than one in four people currently have a life insurance policy in place, while only 7% have either a critical illness or income protection policy. Charles Stanley stated the results illustrated a "disturbing picture" of the UK populace's ability to absorb financial shocks, particularly given the rising cost of living and ongoing economic turmoil following last week's Mini Budget. Of those that do have a protection policy in place, 18% of respondents would place their cover on hold to cope with increasing costs elsewhere, while 10%...

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

New online platform launches for care-related advice

New online platform launches for care-related advice

To meet Consumer Duty and vulnerability regulatory expectations

Isabel Baxter
clock 16 April 2024 • 2 min read
LV= pays out £135m on individual claims in 2023

LV= pays out £135m on individual claims in 2023

94% of claims paid out

Jaskeet Briah
clock 15 April 2024 • 3 min read
One in 10 adults would consider IP when having a child

One in 10 adults would consider IP when having a child

The Exeter research shows

Jaskeet Briah
clock 09 April 2024 • 2 min read