37% of first-time buyers say they didn't receive protection advice

43% of UK workers have no form of protection in place, despite over half (52%) saying protection that would cover their monthly outgoings if they couldn’t work would make them feel more financially resilient.

The latest research from LV= has found significant income protection gaps among first-time buyers, self-employed workers and blended families, revealing many could find themselves financially exposed should illness or injury prevent them from working.

To support Income Protection Action Week (IPAW) 2026, LV= is using the insights to highlight the important role advisers can play in helping clients build greater financial resilience through income protection.

Among first-time buyers, 37% said they did not recall receiving protection advice alongside mortgage conversations with a financial adviser or broker, despite over half (52%) needing both household incomes to meet their monthly outgoings. Additionally, over a quarter of first-time buyers are not confident they would be able to cope financially if they were to experience the loss of an income due to illness or injury.

A clear protection gap exists among self-employed workers. Nearly a quarter of those without income protection say that they would like to take out cover, yet just one in ten currently hold a policy. Almost one in five also admitted that they would need to continue working through illness or injury to make ends meet if they were unable to work.

In addition, two thirds of blended families with younger children could only live for up to three months without an income, while 30% would need to rely on money from someone else if illness or injury were to prevent them from working. On average, their income supports five people, reinforcing the potential impact a loss of earnings could have on wider family finances.

The research coincides with today's FCA announcement that it will join forces with partners from industry, government and consumer groups to improve access to protection. 

Mike Farrell, protection sales and marketing director at LV=, commented: "We’re proud to support the IPTF this week to highlight the importance of income protection. Our latest research shows that 49% of UK households would only be able to cope financially for up to three months without an income. With the average LV= income protection claim lasting almost six years, this highlights how vulnerable most would be to an income shock, and the role Income Protection plays in building financial resilience.

"While the findings are particularly striking among first-time buyers, self-employed workers and blended families, these challenges are not unique to those groups. Income Protection Action Week is an important opportunity for the industry to help more people understand their risks, protect their income and build greater financial resilience for the future."

Jo Miller, managing director of the Income Protection Task Force (IPTF), said: "Too many people remain one illness or injury away from financial difficulty. LV's findings demonstrate why income protection remains such an important part of financial planning and supports the work that we are doing at IPTF through IPAW and other initiatives. While awareness is improving, there is still a significant gap between recognising the value of protection and taking action.

"Income Protection Action Week provides an important opportunity for advisers to close that gap by helping more clients understand how they would cope if their income stopped."