Only 7% of UK adults have critical illness or income protection

One in four currently have life insurance

John Brazier
clock • 1 min read

Less than one in 10 adults in the UK currently have either critical illness cover or income protection, according to research from investment management firm, Charles Stanley.

A survey of more than 2,000 UK adults found that fewer than one in four people currently have a life insurance policy in place, while only 7% have either a critical illness or income protection policy. Charles Stanley stated the results illustrated a "disturbing picture" of the UK populace's ability to absorb financial shocks, particularly given the rising cost of living and ongoing economic turmoil following last week's Mini Budget. Of those that do have a protection policy in place, 18% of respondents would place their cover on hold to cope with increasing costs elsewhere, while 10%...

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

One in 10 adults unaware of their monthly spending

One in 10 adults unaware of their monthly spending

Compare the Market research

Jaskeet Briah
clock 28 February 2025 • 2 min read
Number of economically inactive adults returning to work is "concerningly small"

Number of economically inactive adults returning to work is "concerningly small"

Majority remain stuck out of work

Jaskeet Briah
clock 26 February 2025 • 2 min read
The COVER Review: NHS waiting list, provider updates and over-insurance

The COVER Review: NHS waiting list, provider updates and over-insurance

Week commencing 10 February 2025

COVER
clock 14 February 2025 • 1 min read