Financial Planners expect increased demand for individual protection products to come from parents with young families, according to a new survey.

Over half (53%) of the planners surveyed by HSBC Life UK said that parents with young children had the biggest need for protection.

Almost half (43%) of those surveyed said that parents starting a family would also potentially benefit.

Over two fifths (45%) of those surveyed said employees with limited access to benefits through their current employer could experience a need for individual protection products.

Self-employed (39%), small business owners (37%), and gig economy workers (32%) were highlighted as needing protection and driving increased demand.

Mark Hussein, CEO of HSBC Life UK, said: “It is interesting that advisers expect to experience demand from self-employed and gig economy workers.

"These groups rely on regular work and are unlikely to have the same level of protection offered as those individuals working for an employer offering benefits such as critical illness cover or death in service, so it’s vital that they protect their income. Advisers have an important role to play in helping customers of all demographics to understand the need for greater individual protection.”

According to HSBC Life UK of the 26.5m UK households in 2019, 5.4m had paid towards life insurance but only 0.2m had some form of income protection.

The survey was conducted of 108 Financial Planners in March using research company PollRight.