Just one in four Brits have loss of earnings insurance

Study suggests Brits mistrust insurers

clock • 1 min read

As few as one in four, or 23%, of British adults take out loss of earnings insurance to protect their income in the event they lose their job, a nationwide report from Perspectus Global has found.

The findings come despite the recent Covid-19 pandemic, which saw individuals lose jobs or experience job insecurity after being placed on furlough. Perspectus Global's report found there were significant barriers to adults taking out policies and claiming on them. As many as 72% of UK adults had decided against making a valid insurance claim, instead paying out of their own pocket to resolve issues, in addition to their insurance payments, it found.  The study found the average adult will choose 20 times a year not to make a claim they feel is legitimate. One in 10 people cited...

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 Income Protection

Working2Wellbeing joins IPTF

Working2Wellbeing joins IPTF

Eighth member for 2025

Cameron Roberts
clock 04 April 2025 • 1 min read
The return of redundancy cover and its importance

The return of redundancy cover and its importance

Demand looks set to remain high

Kesh Thukaram
clock 02 April 2025 • 3 min read
Interactive video: Addressing client income protection concerns

Interactive video: Addressing client income protection concerns

How do you engage with clients to help them understand the value of income protection?

Scottish Widows
clock 14 March 2025 • 1 min read