Rising household costs are causing many to forgo protection, according to MetLife UK, despite more homeowners being worried about their financial resilience.

MetLife research found that three in four advisers (75%) say clients are now more concerned about mortgage protection than they were 12 months ago.

Almost a quarter (22%) described clients as “much more concerned” and 53% as “slightly more concerned”.

Just 18% of advisers report no change in attitudes among their clients.

Despite this heightened awareness, financial strain is also creating instability among customers who already have cover in place.

More than three quarters (77%) of advisers have seen an increase in clients cancelling policies or reducing their level of protection over the past year, including 25% reporting a significant increase and 52% reporting a slight increase.

Only 16% reported no change in the number of clients cancelling policies or reducing cover during this period.

Meanwhile, more than two fifths (43%) of advisers said they often hear clients say they intend to take out mortgage protection but then fail to follow through, while 24% said this always happens following such conversations.

MetLife UK head of individual protection Phil Jeynes said: “Households across the UK continue to face difficult financial decisions, and our research highlights a worrying contradiction: people are increasingly aware of the need for protection, but some are having to make difficult choices as budgets remain under pressure.

“We get it. We understand that families are making difficult choices about where their money goes, and that protection has to compete with many other household priorities. That is why advisers play such an important role in helping customers understand the value of cover and make decisions that are right for their circumstances.”