Research by Aviva has found that around 71% of UK employees have never looked into getting a personal income protection (IP) product, 19% of which said they had never heard of the product, rising to 25% among Gen Z.
The provider surveyed 1,002 UK employees who do not currently hold a personal IP policy, finding that 67% would struggle financially if they were unable to work. If unable to work due to long-term sickness, under half (47%) of respondents would rely on their savings to cover their living costs, while 44% would cut back on non-essential expenditure. Additionally, one third would control their spending by shopping for lower-cost brands. Around two in five (40%) would look to find money from elsewhere. This included borrowing from friends or family (17%), relying on someone else to pay t...
To continue reading this article...
Join COVER for free
Signup and gain exclusive members-only insights
- 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.
