"Our latest research shows that 49% of UK households would only be able to cope financially for up to three months without an income."
- Mike Farrell, LV=
Research from LV's latest Reaching Resilience Report has found that 37% of first-time buyers do not recall receiving protection advice alongside mortgage conversations with a financial adviser, despite 52% needing both household incomes to meet their monthly outgoings.
In addition, over a quarter of first-time buyers are not confident they would be able to cope financially if they were to experience the loss of an income due to illness or injury.
LV= is using the report to support Income Protection Action Week (IPAW) 2026, organised by the Income Protection Task Force (IPTF).
The findings also noted a protection gap among self-employed workers. According to LV’s data, nearly a quarter of those without income protection say that they would like to take out cover, yet just one in ten currently hold a policy. Almost one in five also admitted that they would need to continue working through illness or injury to make ends meet.
The research also found that two-thirds of blended families with younger children could only live for up to three months without an income, while 30% would need to rely on money from someone else if illness or injury were to prevent them from working. On average, their income supports five people.
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"We’re proud to support the IPTF this week to highlight the importance of income protection," Mike Farrell, protection sales and marketing director at LV=, said. "Our latest research shows that 49% of UK households would only be able to cope financially for up to three months without an income.
"With the average LV= income protection claim lasting almost six years, this highlights how vulnerable most would be to an income shock, and the role income protection plays in building financial resilience.
"While the findings are particularly striking among first-time buyers, self-employed workers and blended families, these challenges are not unique to those groups. Income Protection Action Week is an important opportunity for the industry to help more people understand their risks, protect their income and build greater financial resilience for the future."
Jo Miller, IPTF managing director, added: "Too many people remain one illness or injury away from financial difficulty. LV's findings demonstrate why income protection remains such an important part of financial planning and supports the work that we are doing at IPTF through IPAW and other initiatives. While awareness is improving, there is still a significant gap between recognising the value of protection and taking action.
"Income Protection Action Week provides an important opportunity for advisers to close that gap by helping more clients understand how they would cope if their income stopped."
