Britons' suffer 'perception gap' over protection - study

clock

Almost half (43%) of Britons do not buy life insurance because they do not see the need for it, research suggests.

Likewise 40% believe the same of income protection (IP), according to research by Swiss Re from over 1,000 consumers. The findings point to an increasing "perception gap" between people's idea of their financial security and their actual circumstances, say authors of The Insurance Report, The Cost of Doing Nothing. "A growing number of people believe they are financially self-reliant, and yet clearly they are not," says Ian Etheridge, Swiss Re's head of account management UK and Ireland. "We call this the 'perception gap' and yet we as an industry are not doing enough to correct th...

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

Listen and learn: Protection must change how it communicates

Listen and learn: Protection must change how it communicates

'Maybe it's time we start to make fewer assumptions'

Kevin Carr and Alan Lakey
clock 30 April 2024 • 4 min read
Cognitive biases in advice and the psychology of insurance

Cognitive biases in advice and the psychology of insurance

A look into client decision making and its effects on protection uptake

Jaskeet Briah
clock 25 April 2024 • 5 min read
Aviva completes £460m acquisition of AIG Life after CMA delay

Aviva completes £460m acquisition of AIG Life after CMA delay

'It's disappointing to lose another protection insurer from the market'

Cameron Roberts
clock 10 April 2024 • 2 min read