More policyholders view their cover as a financial priority than would cancel policy due to the cost of living crisis, according to Vitality.
Research by the provider found that one in seven respondents (13%) would consider cancelling life insurance policies to keep up with the economic crisis, while under one third (29%) of those surveyed said it was a "non-negotiable" financial priority.
Vitality also found that nearly two in five adults in the UK (37%) have never switched or cancelled a life insurance policy, with one quarter having never switched or cancelled an income protection policy (27%) or Serious Illness Cover policy (28%) respectively.
The provider noted it was "particularly alarming" that policyholders were considering cancelling cover despite understanding the value of products.
The research shows one third (31%) of those with a life insurance policy took out cover to ensure their "family would be provided for," while one quarter (24%) of respondents wanted to be "as prepared as possible."
Meanwhile, one in four (25%) of IP policyholders took out cover to make sure families were provided for in case they were unable to work due to ill health.
Andy Philo, strategic partnership director at Vitality, said the research has shown that protection policies are "far from immune" from the effects of the economic headwinds.
"With households up and down the country prioritising their current outgoings, it's important they are reminded why they took their protection policy out in the first place and the safety net it provides them," Philo commented.
"At Vitality we have always recognised the importance of providing members with ongoing value throughout the lifetime of their policy, going far beyond only being there at point of claim. This data shows how crucial that is right now."
