Brits know between two and five people who’ve been unable to work due to serious illness or an accident

Three quarters of the UK are not prepared for family tragedy despite almost four in ten knowing someone who’s been too ill to work.

And a report reveals that more than half of us insure our homes - 30 per cent more than insure their own life.

A recent study we did at Caspian showed:

* Only 25% have life insurance or critical illness cover

* 55% have Home Insurance

* 39% know someone who has had a serious accident or been too ill to work

* Women 3% less likely than men to have any insurance policies in place

A survey of 1,000 UK adults commissioned by Caspian Insurance (and performed by Censuswide in August 2021), revealed over a fifth (22 per cent) of Brits know between two and five people who’ve been unable to work due to serious illness or an accident. Those aged 18 to 24 experienced this the most (41 per cent).

In fact, only a third (35 per cent) of 18 to 24 year-olds don’t know someone who has been impacted which highlights the importance of this age group understanding income protection and life insurance. And despite almost a quarter of them (24 per cent) knowing four or five people who have been forced to take time off work, many are not protected for the worst case scenario.

The research found that men are most likely to think the worst won’t happen to them. Almost a third, (28 per cent) of males polled said they don’t think serious illness or an accident will ever stop them from working. Meanwhile, females expressed more caution with just 22 per cent feeling the same.

Oliver Rayner, managing director of Caspian Insurance, said: “Sadly, you never know when something might happen that stops you from working, which could leave you without a salary. If losing your income would leave you and your family vulnerable as your mortgage or rent payments rely on that wage, then Income Protection or Critical Illness Cover could help provide extra peace of mind.

“As our survey revealed, unfortunately being young doesn’t always reduce your chances of becoming ill or having a serious accident so it’s important to investigate your options sooner rather than later. Typically the earlier you take out a policy, the lower the monthly premiums are likely to be – and stay – so it’s well worth protecting yourself as soon as you become independent.”

The research also highlighted behaviours when it comes to other insurances. More than half (55 per cent) have home insurance, 53 per cent have car insurance while even 14 per cent have a policy in place for their phone while one in five (20 per cent) have travel protection.

A gender division continues, with women being three per cent less likely than men to have any active insurance policies in place. Caspian’s survey found that 24 per cent of women versus 21 per cent of men had zero protection. However, when it comes to life insurance and critical illness cover, the roles reverse, with women being one per cent more likely than men to have an active life insurance policy.

Looking at age, it’s the younger demographic (18 to 24) who don’t have any insurance (35 per cent), however it steadies out across older age groups, and drops to 27 per cent for those aged 35 to 44. Older people, aged 55 plus, have the most insurance by far, with a mere 14 per cent admitting they don’t have any in place. As we get older, the less likely we are to think we will become too ill to work, which could be attributed to less of this age group relying on employment for their income.

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