Nine in ten employees underestimate income protection need - research

Many willing to ‘take the risk’

Victoria McKeever
clock • 2 min read

The majority of workers underestimate their chances of becoming unable to work due to illness or serious injury and so discount the need for income protection, according to research from Canada Life Group Insurance.

Almost 90% of people surveyed by the provider significantly underestimated the number of people forced to take more than four weeks off work per year due to illness or injury. Some 89% of those asked said the number was between 1,000 and 100,000 people. However, the Association of British Insurers puts the figure closer to a million people. Just 10% of those surveyed by Canada Life chose correctly. The survey also found three in five (61%) employees do not have any form of income protection, equivalent to 19.3 million people. The information was based on an online survey of just...

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