Why you should consider protecting yourself against everyday accidents

It’s everyday accidents, such as falls, trips, bumps, poisoning, and transport incidents that are among the big ‘external causes’ for why people end up in hospital, according to the report. Falls, trips and bumps make up the largest proportion of accident admissions at 34.6 per cent, a total sum of 453,004, followed by poisoning - for example, the ingestion of foods, chemicals, drugs and wider items, as well as exposure to toxic materials - with more than 85,000 admissions.

Comprehensive analysis of multiple data sources shows daily visits to Accident and Emergency (A&E) units across UK hospitals have been on the rise for a decade. An average of 16 million people visit major hospital A&E units, and nine million at minor units, every year. Despite the UK population increasing by 6.8 per cent, in the most recent quarter attendances at major A&E departments were 14 per cent higher than they were 10 years ago, and attendances at minor A&E departments were a significant 36 per cent higher.

Even with accidents being common, not all financial protection policies provide the cover that people really need – leaving many in the UK financially vulnerable from just living their everyday life, says MetLife.

Consumer research from MetLife found that UK adults have previously needed, or would need, an average of £1,217 from their savings to support them should they need to take time off work or out of their business due to accident or illness. 

 The Everyday Risk Report also includes the views of financial advisers who recommend and sell financial protection. These advisers are seeing a marked increase in the volume of customers wanting to protect themselves and help them say yes to living their everyday life so they can enjoy moments like playing their favourite sport, gardening, or taking their dog for a walk. Almost three in ten advisers say their customers are more conscious about protecting their ‘everyday lives’ than ever before, and over a third are seeking this type of cover.

Despite the increased desire to protect themselves, the research found there’s still a knowledge gap on what the right type of cover is for their needs. Almost one third of advisers confirmed their clients had taken out the wrong type of protection before seeking advice, while 29 per cent say that most customers have little understanding of the kinds of protection products available for them, with a quarter often not understanding the difference in financial protection offerings. 

Rich Horner, head of individual protection at MetLife said: “Accidents are far from a rare occurrence, and the Everyday Risk Report exposes the raw facts; that the scale of hospital visits continues to grow. The simplest of daily tasks gone wrong can turn your whole life around. Imagine falling out of bed, falling over on your way to work or having a serious asthma attack while kicking a ball around. And the financial difficulties an injury or illness can cause shouldn't be underestimated. Trying to get better with financial concerns while you are earning less, or not at all, can have a real impact both at the time, and far into the future.

“One reason we created the UK's first Everyday Risk Report is to help advisers understand and easily communicate their clients' risks. But as an industry we also need to collectively help improve people’s understanding of the types of protection cover available – ones that help relieve financial stress and worry for everyday people who just want to live their best lives, every single day.”