Insurance companies are poised to capitalise on this worrying short fall in the market for life insurance and other protection policies. Income protection plans need to be actively marketed to protect the welfare of UK consumers.

The advice to such insurers is to target their marketing at the female of the family. According to John Cupis woman are most likely to respond to guidance from insurers on the importance of income protection. In the report he stated: “The message is gradually filtering through to women that your home is just too important to take chances with. Unfortunately the same can’t be said of men.”

Shortfalls in insurance have been noticed across markets. Ron Wheatcroft, Technical Manager at Swiss Re Life & Health and the co-author of recent research by the company reported the UK has a total life protection gap of £2 trillion. In his report he states: “There is still this feeling the state will look after us, but people need to be encouraged to make greater provision for themselves, whether it’s savings, pensions or protection.”

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