Half of consumers without protection cover say policies are too expensive, research suggests.
According to a study by Zurich, 47% of 2,000 people surveyed cite affordability as a reason for not taking out additional insurance policies.
Only 33% say they are willing to reduce their monthly outgoings to fund mortgage or family protection, Zurich says.
Additionally, three in ten respondents argue cover isn't necessary as they do not have any dependants while over a fifth (22%) of those surveyed have no form of mortgage protection.
"Most people are happy to insure their house and its contents, their car, their cat, their travel plans or their mobile phone, but they often give little thought to the income that funds their lifestyle," Zurich UK Life's protection development director Peter Hamilton says.
"Death, long term sickness and disability are subjects most of us would rather avoid discussing. Insurance cannot hope to deal with the emotional impacts of such events but it can minimise the financial impact if the worst happens."
Contact: Scott Sinclair, News Editor, 020 7484 9791 - [email protected]IFAonline
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