One in three recognise protection as a 'non-negotiable' priority

Policies still "far from immune" to cost of living impact

Hemma Visavadia
clock • 1 min read

More policyholders view their cover as a financial priority than would cancel policy due to the cost of living crisis, according to Vitality.

Research by the provider found that one in seven respondents (13%) would consider cancelling life insurance policies to keep up with the economic crisis, while under one third (29%) of those surveyed said it was a "non-negotiable" financial priority. Vitality also found that nearly two in five adults in the UK (37%) have never switched or cancelled a life insurance policy, with one quarter having never switched or cancelled an income protection policy (27%) or Serious Illness Cover policy (28%) respectively. The provider noted it was "particularly alarming" that policyholders were con...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

Record protection payouts must spur advisers on

Record protection payouts must spur advisers on

These aren't products that sell themselves

Ahmed Bawa
clock 01 November 2024 • 5 min read
Could a broader advice definition boost protection's reach?

Could a broader advice definition boost protection's reach?

'No one wakes up in the morning thinking about buying life insurance'

Paul Yates
clock 22 October 2024 • 4 min read
Are we talking enough about protection and succession planning?

Are we talking enough about protection and succession planning?

Why are more IHT liabilities for gifts not being protected?

Naomi Greatorex
clock 30 September 2024 • 4 min read