The life and pensions research initiative also revealed that the 18-24 year-old age group expected to retire before the age of 51 more than any other age group.
The survey found that that over 40% of people had never thought about buying critical illness cover or income protection.
Peter Le Beau, co-chairman of Protection Review, said: “The research tells us many things and also suggest several anomalies, one of which is that many people appear to have more protection cover than the real statistics prove.
“This is a regular finding in studies on the protection market and suggests there is a growing element of imaginary cover in the minds of UK adults.”
Ronnie Bowes, head of marketing at Hannover Life Re, added: “To achieve the sales of protection products we believe there is potential for, we need to accept that consumers are not going to buy by default.
“Technology is vital for the industry’s growth in reconnecting with consumers, improving information, access and relationships.
“Increasing engagement will enhance the customer experience, promoting the true value of the products and services the industry offers.”
