“Despite this, very few have a financial contingency plan, such as income protection, which would enable them to focus on recovering without the additional stress of paying the bills,” the managing director of protection at LV= said.
According to research from LV=, 3.2m households are now reliant on two incomes to make ends meet, and would struggle with the loss of one income.
Despite this 64 per cent of the households surveyed had no income protection and 25 per cent had never even thought about taking out a plan.
Emma Thomson, life office relationship director for London-based Lifesearch, said: “This latest research from LV= clearly shows the financial difficulties many people will face should they be unable to work due to ill health.
“Unfortunately people often don’t think about what might happen, or know what options are available to help them. These worrying statistics really highlight the need to have a financial safety net, such as having Income Protection. Cover is often much cheaper than people think, yet it can make a world of difference when ill health strikes.”