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90 per cent of consumers are without cover, says YBS

A survey by Yorkshire Building Society has found 90 per cent of respondents have no protection insurance.

In its report The Protection Gap, How the UK is Living on the Edge the mutual found 90 per cent of the 2,000 polled as having no IP. Only 47 per cent have life insurance while 17 per cent have CI cover.

The same survey found only 50 per cent of the 25.5 million people employed in the UK have any form of protection cover. Of the remaining 50 per cent, 30 per cent do not have cover at all while the other 20 per cent don’t know whether they have employer benefits.

The report said: “This research paints an alarming picture of the financial risks that many people in the UK are taking by not having personal protection products. Many Britons are in fact living on the edge with nowhere tot turn to should they be unable to work or suffer a loss of income.”

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