Police Mutual survey reveals over 50% of the Police believe they could last just 30 days without income

- 32% don't have life protection and 6% don't know if they do or not

Police Mutual’s survey of serving and retired Police officers, Staff, Specials and their families reveals the sobering fact that 53% of the Police believe they could last 30 days or less without income.[1] 32% of respondents confirmed that they do not hold a life protection product at all, whilst 6% said they did not know if they did or not.

This is in stark contrast to the 5% of recipients who thought they could continue without making any lifestyle changes for 1,000 days, including one who thought they could survive for 7,250 days, or almost 20 years!

“We commissioned this survey as we know that in general people are unprepared for major life changes or events and are often under-protected in terms of life cover, for example. This survey shows us that the same could be true in the Police – 30 days is a worryingly short time,” says Adam Smith, Head of Mortgages and Protection, Police Mutual.

Smith continues: “The difference between how long people think they would survive and the reality, may in part be explained by the fact that individuals within the Police family presume they do not need life cover, or that they are already adequately protected. The reality is that many do not have the necessary protection in place to cover their home, family or lifestyle should they no longer be able to draw a salary. Helping members ensure they have adequate protection is something we are passionate about as part of our mission for improving lives in the Police family.”

When asked what they would sacrifice or reduce should their household income cease, 83% of respondents said takeaways or eating out; 81% said holidays; 68% said clothes and electrical goods; 67% said entertainment such as the cinema, theatre and concerts, and 62% said gym, sports clubs and society memberships.

When asked to whom they would turn for help if their income stopped, 63% said the wider Police family (including colleagues, work friends, the Police Force, Federation and advisors within the Police family like Police Mutual) just behind family at 76%. Beyond a mortgage or rent, the results show that key financial responsibilities revolve around the people and pets within the household. Many extend far beyond the nuclear family and include grandparents and grandchildren, parents, siblings and in-laws, siblings, grown up children and their partners, as well as pets including “seven chickens, five newts and three frogs” and “cat, rabbit and dogs.”

Cover tailored to the Police family

As Police family specialists for 150 years, Police Mutual’s expert protection advisors understand the different levels of cover and different requirements across the whole Police family spectrum. This ensures that they will never recommend products that are not needed, whilst also effectively cutting through any confusion. Police Mutual’s advisors search the whole of the UK market to find the most suitable life protection products for individuals and their families including:

• Life assurance – cover that would help the family cope financially, including paying off a mortgage, should the life assured pass away
• Critical illness cover – will pay a lump sum to help meet household expenses in the event of a specified serious injury
• Accident, sickness and unemployment cover – covers mortgage payments if the person covered is unable to work due to accident, illness or unemployment
• Income protection – provides a tax-free monthly income if the income protected is unable to work due to accident or sickness

Call Police Mutual for a free and impartial consultation today on 0800 032 5333 or see www.policemutual.co.uk/protection   

About this research

In May 2016, 560 members of the Police family completed a survey questionnaire issued by Police Mutual via email. 269 of them were serving Officers, 129 retired Officers, 79 serving Staff, 12 retired Staff, 8 Specials and 63 relations of the above. 362 participants were male, 191 female (7 stated that they would rather not disclose their gender). The full results are available on request by emailing marketing@pmas.co.uk

[1] Based on 53% of survey responders aged 18 - 49 who stated 30 days or less.