Income Protection  

One in eight would sell home in event of income loss

"There is definitely more to do to raise awareness of income protection – particularly, it seems, among the young."

Mr Harvey said another reason for lack of cover was consumers’ perceived eligibility for the product, with 9 per cent of Drewberry's respondents believing they did not qualify to take out income protection.

He said: "The biggest barrier that came from the survey, however, was that people assumed income protection would be too expensive or they couldn't afford it - yet when asked to estimate the cost of income protection, the general public overestimated by 27 per cent."

rachel.addison@ft.com