It takes a “radical change” – mostly of the negative type – for most homeowners to think about applying for protection, shows research from MetLife.

Of the 2,000 quizzed, 31% of people said that becoming ill would make them look at taking out protection, 25% said it would take a change of employment status or job, and 25% an accident of some kind.

Just 16% replied that having children would force them to consider protection, and 6% that getting married would.

In terms of mortgage holders specifically, MetLife says that 14% of those asked reported regret at not taking out a mortgage protection policy.

And 22% of mortgage borrowers said no circumstance would lead them to consider looking at protection – 28% of these saying they don’t believe it would ever be needed, 25% citing cost and 22% saying they wouldn’t be able to afford one.

Meanwhile, 12% said they’d not been offered a protection policy and 12% didn’t know protection policies existed.

Of those with protection already, the MetLife survey found that 46% valued peace of mind and 45% want to be prepared.

Advice from a broker or bank was the reason 35% had taken on a policy.

MetLife head of individual protection Rich Horner says: “After such an uncertain year, it’s made the realisation of falling ill or a change in employment a reality for so many. We’re all guilty of thinking that ‘it’ll never happen to me’, but really, the worst-case scenario could happen to anyone.

“t’s quite frequently the case that it’s once a person has experienced a change in circumstance that they consider protection, but by that point it could be too late. Although protection would cover you in the future, a new policy wouldn’t cover previous experiences.

“And with one in seven regretting not having financial protection in place, it’s vital that current and aspiring homeowners are fully aware of what products are out there. And importantly, the product most suited to their needs.”