According to research by National Friendly, which surveyed around 5,000 adults, nearly a quarter think they are likely to have a workplace accident in the next 1-3 years.
However, manual workers also have some of the lowest protection, with only 4% holding income protection and 1% having accident-only income protection in place.
Over a third – 36% – of manual workers have never considered what they would do if they had a non-fatal accident that impacted their finances. This compares to 34%, which is the national average.
The report found that one in three manual workers said more affordable pricing would make them more likely to buy accident-only income protection and 15% said they would be more likely to buy if there were clearer examples of what is and isn’t covered.
The firm is about to launch its new report, Bruised Britain #2: The Mishap Gap, in mid-October, which will contain further insight into accident risks, financial impact, and protection gaps across UK demographics.
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Graham Singleton, CEO of National Friendly, said: “We’re excited to launch this insightful research that reveals a compelling market opportunity that benefits all stakeholders in the protection ecosystem.
“Among a study of 5,000 consumers, we have addressed perceptions, costs and attitudes relating to accidents in Britain today. Many people are living in the aftermath of an everyday accident [that] has temporarily or permanently altered the course of their life, work and finances.”
He continued: “As a specialist provider, with a mutual heritage spanning over 150 years, National Friendly sees non-traditional protection policies, such as accident-only income protection and short-term protection like Friendly Shield, as a vital stepping stone for those who would otherwise remain unprotected – getting people onto the protection ladder and opening doors to broader conversations.
“While the report looks at the impact of accidents across all consumers, we’ve drilled down to focus on under-served groups in society, including those in manual work that may be more likely to have an accident and can often be overlooked by the protection industry.”
Paul Foody, chief operating officer at LifeSearch said: “In conversations we have with customers – and as evidenced in the National Friendly research – it’s increasingly apparent that consumers are becoming more aware of the different types of risks they face and how these might affect their household income. Advisers need to consider those risks when recommending products and respond to the individual’s financial resilience, as well as their type of work, interests, and lifestyle.”
