Cost of living crisis causes more adults to want income protection

One in four adults want IP cover

Hemma Visavadia
clock • 1 min read

Only 15% of working adults have an income protection policy in place to protect themselves and their families if they are unable to work, according to research by LV=.

Research among 4,000 surveyed UK adults found that while 12% of respondents have income protection provided by their employer, 26% of surveyed adults who don't have a group or individual policy, would like to have one. Meanwhile, 60% of surveyed 25-44 year olds who don't have protection in place would feel more "financially resilient" if they were covered. In the current economic climate, LV= revealed that 26% of working adults have less than £1,000 in savings or no savings at all to help them if they were unable to work. Almost one in five (19%) surveyed respondents would need to ...

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

Simplybiz to distribute Shepherds Friendly IP

Simplybiz to distribute Shepherds Friendly IP

Aiming to grow its intermediary footprint

Cameron Roberts
clock 09 June 2025 • 1 min read
Krysalis joins IPTF

Krysalis joins IPTF

11th new member in 2025

Cameron Roberts
clock 02 June 2025 • 1 min read
IPTF adds Empath_AI to membership

IPTF adds Empath_AI to membership

Detection of mental health vulnerabilities

Jaskeet Briah
clock 12 May 2025 • 2 min read