47% of homeowners wrong about income protection and redundancy, analysis finds
The misconception was more pronounced among those who already hold a policy, with 61% of this group believing it covers redundancy.
Research from LifeSearch and HomeOwners Alliance found that many homeowners hold false beliefs about redundancy, sick pay and state support.
One in five (19%) homeowners believed state support would be enough if they couldn’t work, rising to 42% among under-35s.
More than one in five (21%) thought employer sick pay removed the need for income protection, rising to 34% among under-35s.
Nearly half (47%) of homeowners wrongly assumed income protection pays out if they are made redundant.
The misconception was more pronounced among those who already hold a policy, with 61% of this group believing it covers redundancy.
One in six (16%) homeowners incorrectly believed that holding an income protection policy would prevent them from also claiming Statutory Sick Pay (SSP), with 28% of policyholders holding this view.
Debbie Kennedy, CEO at LifeSearch, said: “Too many homeowners think they’ve got a safety net in place, when in reality, they’re relying on assumptions that don’t hold up – whether that’s expecting support if they lose their job, or overestimating what sick pay will cover.
“What we see every day is that the gaps aren’t complicated – they’re about clarity.
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