Mortgage holders are more likely than renters to hold an income protection policy, the latest data from LV= shows. 

The research found that one in four mortgage holders have income protection compared to just over one in ten renters surveyed.

It also reveals that 19% of UK workers would struggle to pay their mortgage or rent if they couldn’t work for two months due to illness or injury.

However, 24% of mortgage holders surveyed believe they don’t need income protection.

Meanwhile, LV=’s research found that 15% of working adult had an income protection policy in place, while 12% has a policy provided by their employer.

Over a quarter, 26%, of workers who don’t hold an income protection product say they would like to have one. 

It also reveals that 60% of 25 to 44-year-olds without protection would feel more financially resilient if they had a policy that paid if they were unable to work due to illness or injury. 

LV= protection sales director Mike Farrell says: “As the impact of the cost of living crisis deepens, people are becoming aware of their financial resilience and the value that income protection insurance brings. With energy bills and mortgage and rent payments rising, increasing numbers of people are worried about how they would pay their bills if an accident or illness prevented them working.”

“Income protection remains a flexible way to maintain a financial safety net if someone is unable to rely on cash savings.”