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According to the 2009 Protection Review survey, when asked if they had adequate health protection cover in force, only 33 per cent felt they had sufficient income protection cover, while just 35 per cent were content with their levels of PMI and critical illness cover.

These figures are down dramatically from 51 per cent last year.

Meanwhile, 24 per cent of people quizzed believe they need to buy more cover because of the recession.

Peter Le Beau, co-editor of the Protection Review, said: "This is a very intriguing finding in a couple of ways.

"Firstly, the drop in the number of people feeling they are adequately covered should send a clarion call to the industry.

"Secondly, a lot of people who would traditionally be seen outside the scope of IFA radar seem to be particularly interested in protection."

Stuart Paton Evans, general manager of business development at Hannover Life Re (UK), added: "We share concerns that many lower paid people who need cover to protect their liabilities may not have access to advice on protection and may therefore be inadvertently excluded from buying the cover they need.

"This cannot be right given the real interest they have in buying policies."