47% prefer better benefits package to higher wages

Money cash 430

Just under half (47%) of UK respondents would prefer to have a better benefits package which included income protection than accept higher wages, according to research by Zurich and the Smith School of Enterprise and the Environment.

The 2016 Income protection gaps: challenge and opportunity report, which surveyed 11,000 people from 11 different countries, also found that only 19% of UK respondents claim to have good knowledge of income protection products.

The research also found:

  • 42% of UK respondents have experienced a loss of income in their working lives due to serious illness.
  • 20% of UK respondents have income protection cover in the event of becoming too ill or disabled to work.
  • 37% of UK respondents believe their employer should cover income loss in the event of illness.
  • 13% of UK respondents have been offered income protection by their employer.
  • 47% of UK respondents expect to rely on their savings if the worst should happen, with 23% having enough savings to last for one month, and 21% report with enough savings to last three months.

Gary Shaughnessy, chief executive officer, Global Life, at Zurich, said: “As we witness a shift in the burden of responsibility from the state to individuals, people need to take more responsibility to protect themselves and those they love. As an industry, we have a duty to continue raising awareness and help people mitigate this growing risk.”