Six in 10 (60%) of consumers have never received a quote for protection, according to the latest research from the Association of Mortgage Intermediaries (AMI).

AMI’s Protection Reimagined report, out today, found the 60% figure rises to 82% among those who say the reason they don’t have protection is price.

The study was developed with L&G, The Exeter and Vitality, and surveyed 3,000 consumers and almost 300 advisers.

It suggests many people have not completely rejected protection. More often, they have never explored it, do not see its relevance or hold misconceptions about it.

Almost three-quarters (72%) of consumers have never started a protection journey, up from 65% in 2025. A further 16% started but dropped out, and just one in 10 (11%) went through to purchase.

For every reason that consumers gave for dropping out of the protection journey, between 79% and 95% said something could have changed their mind, with the top three reasons given as:

• Changed circumstances (11% of drop-outs): 38% said being contacted again later would have made a difference, 38% wanted a simpler way to restart, and 30% simply needed more time to complete the process.
• Uncertainty about value or need (18% of drop-outs): 28% wanted examples of how cover helps people in similar circumstances, 27% wanted a clearer explanation of why it matters, and 25% wanted more time or support.
• Affordability or cost concerns (24% of drop-outs): 33% wanted more suitable cover options and 28% wanted clearer explanations of alternatives. 26% wanted more flexibility around health conditions.
• Trust/confidence concerns (13%): 35% wanted clearer information about policy terms and exclusions and 33% more transparency about insurers/providers. Almost a third (31%) sought reassurance about how claims are handled.

Almost half of advisers (49%) named “I’ll look into it later” as one of the hardest consumer responses to overcome.

Four in 10 (41%) of advisers say they typically schedule a protection review to coincide with the end of a client’s fixed-rate mortgage deal, but only a quarter (25%) of consumers expect to return to their existing mortgage adviser for their next mortgage review. Another 24% plan to go direct to their bank or building society, and 18% intend to arrange the mortgage themselves.

AMI chief executive Stephanie Charman said: “The protection gap is not new. The sector has made progress through better tools, underwriting, adviser conversations and initiatives such as Consumer Duty, but the gap remains. It is clear we need to shift the conversation from cost to value.

“Protection Viewpoint lays the foundations to change the trajectory of protection and make it a more natural part of consumers’ wider financial planning. A key part of this is recognising we may be asking consumers to consider protection before we’ve helped them understand its relevance to their lives.

“Advice has a vital role to play in helping consumers explore their options and keeping the door open for future conversations. A “no” today doesn’t rule out a “yes” tomorrow.”

The FCA has named AMI as the trade body to lead industry efforts to strengthen adviser engagement with protection.

Over the next 12 to 18 months, AMI will use the Protection Reimagined findings to bring together stakeholders from across the protection market and identify practical ways to support advisers.