Nearly one in three people who do not have protection insurance believe the products are too expensive, according to a study from Royal London.
The State of the Protection Nation study of 2,000 people found that while a quarter of UK adults have a life insurance policy (26%), just 6% have critical illness cover and 4% have income protection insurance. Analysis of premiums Royal London customers pay reveals the average life insurance premium is £21.28 per month for over £120,000 of cover and the average critical illness cover premium is £30.58 per month for over £71,500 of cover. The second most common barrier was people not seeing the benefit of the product. Yet almost two fifths (38%) said it was important to ensure that th...
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