More than half of those with protection cover in the UK may have unsuitable policies, research suggests.
According to a study by Barclays Financial Planning, more than 10 million people are likely to have experienced a life-changing event, such as a change of job, since they took out their policy.
Additionally, the research suggests nearly three-quarters of policy holders do not know how much they are insured for, nor what they would receive if they made a successful claim.
"When you buy a protection policy this should not be the end of the matter," says David Stuart, director of advice and products at Barclays Financial Planning.
"It is crucial that people think about updating any cover, or switching to different types of products if, for instance, they have a child, get married or buy a house.
"Perhaps part of the problem is that people aren't often fully aware of what need and what sum their protection products cover in the first place, especially when they buy without advice."
Elsewhere, the study suggests around 40% of people that have taken out protection policies did so without receiving advice from a professional, and 13% did not know whether they had taken advice at all.IFAonline
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