Nearly half of workers overestimate monthly cost of protection

The health and protection provider surveyed 2,000 UK workers and found that over one third (37%) overestimated the cost of both IP and life cover policies, which increased to 59% regarding the cost of cash plan policies. Respondents estimated the monthly cost of IP to be £35.20 per month, higher than the actual average of £24 for a two-year limited benefit term. For life cover, there was a mean predicted cost of £34.70, higher than the actual average of £26 per month, according to the Swiss Re Term and Health Watch 2023, while 7% of workers believed the cost would exceed £76 per month...