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As the cost of living continues to increase and economic instability remains, it seems that Brits are still reluctant to protect themselves against a potential loss of income by addressing their protection needs.
New research from insurer Zurich reveals that less than four out of ten Brits (33%) are willing to reduce their monthly outgoings to fund some form of mortgage or family protection despite the challenging economic conditions. Commenting on the findings, Peter Hamilton, Zurich UK Life's protection development director, said, "As household budgets become more stretched, protection may seem less of a priority for some. Yet in the current climate, it's more important than ever that people have some degree of cover in place to protect their immediate needs and safeguard against a potential loss of income." Worryingly, the survey also reveals that majority of Brits with families or mortgage commitments are currently failing to address their immediate protection needs.
Zurich's findings reveal that only a third of those married with children (33%) believe critical illness cover is important whilst less than a third (29%) view income protection as important. Similarly, of those homeowners with mortgages, less than four out of ten (39%) rate critical illness as important whilst a similar minority (37%) understand the importance of income protection. Zurich's analysis also considered whether Brits were likely to take out cover in the future, given the current economic uncertainty.
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