Attitudes and behaviour towards protection
Planning for the unexpected is important. Any one of us could fall ill, suffer a serious accident or experience bereavement, which can have financial implications.
Scottish Widows recently surveyed over 5,000 UK adults to make up the Scottish Widows UK Protection Report 2012. They explored their attitude and behaviour towards protection to try to understand why they’re not protecting themselves, and how realistic their financial plans for the future are.
These are just some of the key findings:
- Only 38% of people surveyed have life insurance
- Only 11% have critical illness cover
- Only 5% have income protection
- 43% of households are reliant on two or more incomes
- 59% of people would only be protected for up to six months or not at all should they lose their main household income as a result of long term illness or incapacity
- Many people think that they can rely on their savings if the worst were to happen. However 56% of people surveyed either have less than £2,500 in savings, don’t have any at all or don’t know how much they have
- 27% of people would rely on state benefits if they or their partner were unable to work for six months or longer
Research carried out by independent research agency YouGov .
For more insight into the report findings, download the infographics .