Six out of ten Brits would refuse to part with their mobile in exchange for free income protection insurance, according to the results of the Protection Survey from Friends Provident.
Indeed, Brits clearly show where their priorities are with 18.5% insuring their pets and 11% their mobile phone, compared to only 10.5% having income protection cover.
This despite 43% of people saying they would be unable to support themselves for more than 3 months if they were unable to work, 13% relying on their partner/family for support and a further 11% depending on State benefits.
The problem of relying on State benefits is that 89% of those surveyed don’t know that they would receive only £72.55 per week, way below the average weekly earnings of £453 per week.
The dangers of not protecting your income are shown with one in 20 people stating that the impact of being unable to work would mean they would be forced to sell their home, and a further 7.5% burying their heads in the sand by saying their job is secure or that it won’t happen to them.
Mark Jones, protection products and actuarial manager at Friends Provident, says:
“It is a sign of the times that people place more importance on their mobile phone or their pet than on their life. It is not all bad though and it’s encouraging to see that some people do recognise the importance of protecting their lifestyle and their loved ones and have made some provision.Income Protection insurance is something people should consider as it could provide a lifeline for their family, and it’s especially important for those with large financial commitments. Our research found that if people had an extra £5 a month to spend on insurance, they would choose life insurance, income protection and critical illness above anything else. I would urge them not to put this type of cover on the back-burner; it should be a higher priority.”