Only one quarter of policyholders adjust cover following change in circumstances

LV= research shows

Jaskeet Briah
clock • 2 min read

Less than one quarter of policyholders made changes to their protection cover following a change in circumstances, according to new research by LV=.

As part of insurer's Wealth and Wellbeing Research Programme, which surveys 4,000 adults on a quarterly basis, nearly half (42%) of adults who owned a protection product underwent a change in circumstances since taking out their cover. Specifically, 10% of adults with a protection policy had welcomed a child and changed jobs since their policy began, which LV= detailed was more likely for respondents aged 18-34 compared other age groups. However, one third who experienced a change in circumstances didn't consider whether changes to their cover was required, rising to 46% of women comp...

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