Just 10% of UK adults have some form of income protection policy, according to the latest research released by Legal and General Mortgage Club.
The report also found that nearly a third of employees have no financial back-up plan in place.
Richard Kateley, head of intermediary protection at Legal and General, said that the most successful brokers make protection a core part of the mortgage sale rather than an end of process consideration – and by this point, it is usually too late.
He added: “We are happy to insure our pets, mobiles, iPad, or valuables yet none of these will pay our mortgage if or when life happens to us. When it comes to prioritising our own health and wellbeing, procrastination seems to come first.”
Kevin Roberts, director of Legal and General Mortgage Club, pointed out that it is important to embrace technology to free up time for advisers to discuss protection.
