New findings from the protection provider reveal that only one third of Brits (31%) have some form of protection cover in the event they become ill or are unable to work, but a massive 81% take out or have travel insurance when they go abroad.
This is despite the main reasons for taking out travel insurance (cover against accident or illness and for peace of mind) being the same as those for taking out income protection.
Furthermore, nearly two thirds (59%) of people believe they are more likely to suffer an injury or illness while in the UK than abroad yet people still opt to take out travel insurance over critical illness (31%) cover or income protection cover (29%).
Commenting on the findings, Ed Stuart-Brown, head of protection sales at Friends Provident said: "It is concerning that people place such an emphasis on the short term rather than the long term when it comes to their well being.
“Having insurance while they're abroad is a good thing but what happens if they return home and perhaps become unable to work due to illness or injury? They will find it a real struggle to make ends meet and if the absence is prolonged the very last thing they will be worrying about going forward is holiday insurance!"
Stuart-Brown's comments were reiterated in the findings which revealed only 27% of the respondents’ employers would provide sick pay if they were unable to work for 6 months.
Worryingly, 16% said they wouldn't be able to cope financially, 12% would have to dip into their savings, 11% don't know how they would survive, and 9% would have to borrow money from friends and family. Only 13% said they could fall back on a protection insurance policy.
Ed Stuart-Brown continued: "These statistics really are worrying. In a climate where people are already under financial strain, the last thing they need to worry about is how they could afford to keep a roof over their heads in the event they are unable to work due to an accident or illness.
“By taking out some form of protection insurance such as a critical illness or income protection policy, people can have the financial freedom to continue living the lifestyle they are accustomed to and focus on getting better."
