Searches for income protection up 30% year-on-year – The Exeter
Searches for “emergency savings” rose by 950% and “financial protection” increased by 130%.
Searches for income protection have increased by 30% year-on-year, according to Google Trends analysis by The Exeter.
Searches for “emergency savings” rose by 950% and “financial protection” increased by 130%.
Despite the rise in interest, only 9% of UK adults currently have income protection insurance.
The Exeter’s Consumer Health and Finance Tracker found that 18% of UK adults had taken at least four weeks off work in the past six months due to illness, injury or mental health.
Among those, almost a quarter relied on personal savings for income, while nearly one in 10 turned to credit cards or loans.
The tracker also showed that 21% of UK adults save nothing in a typical month and 37% feel less financially secure than they did in the past six months.
Jamie Page, head of protection distribution at The Exeter, said: “As more households feel financially vulnerable, advisers may find that more clients are considering how they would cope if illness or injury prevented them from working.
“Savings can provide a useful buffer, but they may not last through a longer period without income, particularly for households already finding it difficult to put money aside.
“This creates an important opportunity for advisers to help clients assess their financial resilience and understand where protection could strengthen their plans. Income protection can provide a regular income while someone is unable to work, helping them keep up with essential costs without having to drain their savings or take on debt.”
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