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Evidence suggests education may help lift demand for protection products

Canada Life

Widespread ignorance of state benefits is driving a shortfall in demand for income protection products, which could see people far poorer than they expect if they are taken ill, or seriously injure themselves, says new research.

 

Nearly 40 percent of consumers, interviewed by Canada Life, claimed they would need between £300 and £500 a week to keep up their existing lifestyles, while weekly government payouts are on average just £75. Just four percent claimed they could live on fewer than £100 a week.

 

Marion Ware, for Canada Life, says: "These results highlight that many consumers would not be able to maintain their current lifestyles if they were deemed unable to work and had to rely purely on incapacity benefits."

 

Income protection insurance: News update: September 2008

 

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