Protection is cheaper than expected

In a survey of UK workers, 37% of respondents thought life insurance and income protection cost more than they actually do*.

This is a significant oversight considering that 40% stated that affordability was key when deciding on a policy. Those surveyed estimated income protection to cost £35.20 per month, but the average is £24 for a limited benefit term of two years.

Similarly, perceptions of the cost of life cover also show disparity, with a mean predicted cost of £34.70, higher than the actual average of £26 per month. Many people could therefore be forgoing vital cover due to being misinformed.

As with all insurance policies, conditions and exclusions will apply

* The Exeter

13 May, 2024

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