One in 10 re-evaluating protection premiums due to cost of living: Royal London

Reducing or stopping premium payments

John Brazier
clock • 1 min read

New research from Royal London shows that one in ten people with a protection policy are reviewing the cost of their premiums as a result of the cost of living crisis.

A survey of 4,001 UK adults carried out in February and March this year found that 11% of respondents are considering reducing or stopping their premiums to cut back on expenses. As the cost of living increases and inflation growing to 6.2% in February, Royal London's research found that nine in 10 people are planning to make changes to their household outgoings to meet expenses. Nearly two-thirds (63%) of people are planning to realign their finances, with 31% paying less into savings, and 11% reducing their protection premiums or stopping them altogether, according to the research. ...

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 Individual Protection

1.5 million NHS appointments saved amid app reform

1.5 million NHS appointments saved amid app reform

87% of hospitals offering services through NHS App

Jaskeet Briah
clock 28 April 2025 • 3 min read
L&G updates CIC and IP propositions

L&G updates CIC and IP propositions

Increased pay out amounts

Jaskeet Briah
clock 28 April 2025 • 3 min read
Microstressors 'wearing down' UK adults

Microstressors 'wearing down' UK adults

VitalityHealth research findings

Jaskeet Briah
clock 25 April 2025 • 2 min read