More than half of consumers who have bought protection insurance (53%) have ‘never reviewed’ their protection needs, new research has claimed.
The latest poll by insurance giant Aviva, which took in 806 UK protection purchasers, said despite changing life circumstances, there is ‘a worrying level of inertia’ when it comes to revising cover.
Eighteen per cent of consumers who said they reviewed their cover did so due to changes in working status.
Sixteen per cent looked at their cover after a change in financial circumstances, while 14% did so after taking out a mortgage or remortgaging (14%.)
However, just 5% said they had revised their cover after having a baby – and only 5% did so after divorce or separation.
Meanwhile, six out of 10 respondents aged 35-54 said they had never made changes to their level of protection.
Craig Colton, protection director for Aviva said: “Having a review with a financial adviser at critical points such as moving house, marriage, separation, or the birth of a baby, can help to make sure that people have the cover they need at all times in their lives.”