The Financial Conduct Authority (FCA) has found 53% of UK adults held no form of protection cover between 2020 and 2022, with those aged 18-24 and the unemployed the most likely not to hold a policy.
The latest iteration of the regulator's Financial Lives Survey, published today (26 June), shows that 47% of UK adults held a form of protection insurance - including life, private medial insurance (PMI) critical illness, income protection and health cash plans - in 2022, up from 46% in 2020 and 41% in 2017. Just under one in three (29%) of 19,145 respondents stated they had life insurance last year, down from 30% in 2020, while 13% held a PMI or critical illness cover policy (also 13% in 2020). Meanwhile, just 6.1% held an income protection policy last year, a slight increase from 20...
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