More than half of consumers who have bought protection insurance (53%) have 'never reviewed' their protection needs, the latest Aviva research has found.
The insurer's poll of 806 UK protection purchasers said despite changing life circumstances, there is "a worrying level of inertia" when it comes to revising cover.
Consumers who have reviewed their cover have done so due to changes in working status (18%), a change in financial circumstances (16%) and taking out a mortgage or remortgating (14%.)
However just 5% said they had revised their cover after having a baby. Additionally divorce / separation encouraged the same proportion (5%) to reconsider their requirements.
The study also suggested that people are most likely to review cover before the age of 35.
Meanwhile, six out of 10 respondents aged 35-54 said they had never made changes to their level of protection.
Craig Colton, protection director for Aviva said: "As people's lifestyles change, so will the level of protection they need. If their family grows - for example a new baby, or even caring for an older relative - so do the financial implications if an income earner is suddenly unable to work.
"We know that the cost of raising a child is tens - even hundreds - of thousands of pounds so it's crucial to bear this in mind when considering the 'what if?' scenarios.
"Having a review with a financial adviser at critical points such as moving house, marriage, separation, or the birth of a baby, can help to make sure that people have the cover they need at all times in their lives."
Colton continued: "The cost of cover may vary with age and as a result of any changes to health or lifestyle, so anyone who wants to amend their level of protection insurance should consider taking financial advice."
