Majority say savings more reliable than protection

The report from The Syndicate stated that "more alarmingly, this remained true for those who currently have protection policies in place".

For those with income protection policies, 65% believed savings to be a more reliable option for safeguarding finances than protection insurance, along with 52% of those with critical illness cover and 47% of those with family or individual life insurance.

The Syndicate's Peter Le Beau commented: "It is alarming to think that going through the protection sales process doesn't appear to make policyholders significantly less likely to choose savings over protection, versus those who have never had cover, again highlighting the issues of conveying the value of protection."

"Savings are clearly at the heart of people's financial planning preferences, as it's an asset that can be more easily perceived in terms of value than an insurance policy. As an industry we must look at ways to help change the perception of protection amongst this audience, as many could not survive financially if they could not work. There could be the potential for innovative product design and marketing to appeal more to an audience that values savings over protection."