Advisers fear their unprotected clients would be forced to live on state benefits or rack up large debt burdens should the worst happen.
A survey of IFAs found the overwhelming majority believed their clients felt happier and more secure when they had protection in place.
Scottish Provident interviewed 574 intermediaries for its Financial Safety Net report and more than half (52%) expected their clients without protection would have to rely on state benefits.
Half (50%) also said people would turn to credit cards or loans to fund living expenses, while 48% thought friends and family would be relied on.
Two thirds (66%) predicted clients would use emergency savings and 47% anticipated people cutting their spending on luxury items such as gym memberships.
Perhaps unsurprisingly, 95% believed their clients felt more secure when they have protection in place.
Furthermore, 89% of IFAs added that their clients felt happier when they have protection, due to the financial reassurance that it brings.
Susan Barclay, head of marketing at Scottish Provident, said: "The financial downturn and rising inflation figures means that for many, finances are particularly stretched at present.
"It is critically important that people recognise the benefits of protection products in the unfortunate event of them losing a job or becoming seriously ill.
"Rather than needing to turn to emergency savings, family members, or the state, those with protection are secure in the knowledge that they have stability for their financial future.
"Our Financial Safety Net Campaign is designed to help IFAs educate their clients on the benefits of life assurance and other protection products, which are at the heart of financial planning and will provide a robust safety net should they need something to fall back on in times of need," she added.
