"It is quite alarming there is such a small number of people in the UK that are protecting themselves. Of particular concern is the figures on critical illness and income protection - this is really worrying.
"When you actually look at the cost of a life insurance policy for some of our own clients you are looking at £20 to £30 a month, which is not a lot of money when you really think about how much people spend on other things a month, such as streaming services."
He said the protection industry needed to reach out more and connect with younger people in particular, especially considering how the home-buying market has changed.
Mr Harvey said: "Twenty or 30 years ago people getting a mortgage would have automatically taken out protection; nowadays when people finally get onto the housing ladder they might not know about the need for protection and without any advisers helping them, they just are not getting the exposure they need to insurance products.
"There is a lot the industry needs to do to better connect with younger homebuyers and renters as well."
Mr Harvey added that income protection and critical illness were "essential" for people who are renting, "as you are in a more precarious position when you are renting and unable to work - the landlord is more likely to boot you out."