Three in four consumers believe they would not be able to maintain their current lifestyle for over a year if they were unable to work.
Only a small minority of consumers surveyed by Canada Life, the insurer, say they would be able to use their income protection policies if they were unable to work, with nearly half confirming they would rely on their savings alone.
85% of consumers would suffer financially should they be deemed unable to work through illness or injury, as they do not have any form of income protection in place.
Canada Life say that the figures are even more concerning, given the introduction of a new state benefits system as part of the government's welfare reform programme. The move to a ‘return-to-work’ culture means that the assessment for state benefit is set to be a lot stricter.
Income protection insurance: News update: November 2008