Six in 10 (60%) of consumers have never received a quote for protection, rising to eight in 10 (82%) among those who say the reason they don’t have protection is because they can’t afford a policy. That’s according to Protection Reimagined, the Association of Mortgage Intermediaries’ (AMI) 2026 Protection Viewpoint report, published today.
The study was developed with L&G, The Exeter and Vitality, and surveyed 3,000 consumers and almost 300 advisers. It suggests many people haven’t rejected protection. More often, they have never explored it, don’t see its relevance or hold misconceptions about it.
Most never start, and drop-outs are recoverable
Almost three-quarters (72%) of consumers have never started a protection journey, up from 65% in 2025. A further 16% started but dropped out, and just one in 10 (11%) went through to purchase.
Yet encouragingly, a “no” is rarely final. For every reason that consumers gave for dropping out of the protection journey, between 79% and 95% said something could have changed their mind, with the top three reasons given as:
- Changed circumstances (11% of drop-outs): 38% said being contacted again later would have made a difference, 38% wanted a simpler way to restart, and 30% simply needed more time to complete the process.
- Uncertainty about value or need (18% of drop-outs): 28% wanted examples of how cover helps people in similar circumstances, 27% wanted a clearer explanation of why it matters, and 25% wanted more time or support.
- Affordability or cost concerns (24% of drop-outs): 33% wanted more suitable cover options and 28% wanted clearer explanations of alternatives. 26% wanted more flexibility around health conditions.
- Trust/confidence concerns (13%): 35% wanted clearer information about policy terms and exclusions and 33% more transparency about insurers/providers. Almost a third (31%) sought reassurance about how claims are handled.
“I’ll look into it later,” and fewer returning clients
Almost half of advisers (49%) named “I’ll look into it later” as one of the hardest consumer responses to overcome.
Four in 10 (41%) of advisers say they typically schedule a protection review to coincide with the end of a client's fixed-rate mortgage deal, but only a quarter (25%) of consumers expect to return to their existing mortgage adviser for their next mortgage review. Another 24% plan to go direct to their bank or building society, and 18% intend to arrange the mortgage themselves.
Advice therefore needs to keep pace with changing circumstances rather than rely on one-off moments, and protection can be an anchor point for ongoing engagement.
Stephanie Charman, Chief Executive of AMI, commented:
“The protection gap is not new. The sector has made progress through better tools, underwriting, adviser conversations and initiatives such as Consumer Duty, but the gap remains.
“Protection Viewpoint lays the foundations to change the trajectory of protection and make it a more natural part of consumers’ wider financial planning. A key part of this is recognising we may be asking consumers to consider protection before we’ve helped them understand its relevance to their lives.
“Advice has a vital role to play in helping consumers explore their options and keeping the door open for future conversations. A “no” today doesn’t rule out a “yes” tomorrow.”
From insight to action: AMI to lead adviser engagement over the next 12–18 months
The report’s findings will shape AMI’s work under the Financial Conduct Authority’s (FCA) new initiative to close the protection gap as an outcome of its Pure Protection Market Study. The FCA has named AMI as the trade body to lead industry efforts to strengthen adviser engagement with protection. It cited the Viewpoint research as an appropriate platform for coordinating practical support for advisers across the sector and different intermediary models.
Over the next 12 to 18 months, AMI will use the Protection Reimagined findings to bring together stakeholders from across the protection market and identify practical ways to support advisers.
Vikki Jefferies, Market Development Director at L&G’s Retail business, said: “These findings challenge the idea that consumers are rejecting protection. The real challenge is making its value clear and relevant to their lives. We've spent a lot of time describing the protection gap, but we need to get better at learning from what's already working.”
Jamie Page, Head of Distribution at The Exeter, said: “With only 11% of consumers completing the protection journey, there is a clear need to keep the conversation going. The fact that 38% of those who dropped out could have changed their minds on protection if contacted later by an adviser shows just how important re-engagement can be in closing the protection gap.”
Andy Philo, Director of Strategic Partnerships at Vitality, said: “We should not confuse a lack of protection with a rejection of protection. This research highlights an engagement gap as much as a protection gap, and the opportunity to make protection more relevant, accessible and connected to people’s everyday lives.”
