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

Consumer interest in protection rises amid safety concerns

Consumer interest in protection rises amid safety concerns

National Friendly findings

Jaskeet Briah
clock 15 April 2026 • 3 min read
Mortality rates drop to lowest quarterly level in Q1 2026

Mortality rates drop to lowest quarterly level in Q1 2026

Lower flu and pneumonia deaths

Jaskeet Briah
clock 13 April 2026 • 1 min read
The COVER Review: Probate, customer vulnerability and education

The COVER Review: Probate, customer vulnerability and education

Week commencing 6 April 2026

COVER
clock 10 April 2026 • 1 min read