Income protection is the under sold product that’s starting to create huge waves in the financial market. In 2019, according to figures obtained from the Exchange Portal provided by fintech company Iress, income protection sales for Q1 reached a record-breaking growth of 50%*. The under 30s also featured strongly at product level for income protection. That age group accounted for 29.6% in Q1 of 2018**.
We’re living in a world of uncertainty. So, is it any wonder the appetite for income protection cover is growing? In 2018, sales rose by 7% and by 2023 are expected to grow by over 18%.***
Plus, the Government ‘Good Work Plan’ will raise the issue of employers’ sickness policies, putting the importance of income protection into greater focus.
Why customers need it
- 60% of British people would struggle with a loss of income within six months. (Mintel Research)
- On average, a UK employee has enough savings to last just 32 days if their income stopped (Deadline to Breadline)
- 23% of UK employees do not save any of their income each month (Deadline to Breadline)
Helping Advisers sell protection better
Income protection has traditionally been sold when customers are arranging a mortgage. With such little take up, it’s time for advisers to look at new opportunities where they can talk about the benefit of income protection such as changing job or becoming a parent.
Find Out More
Please visit our dedicated page to find out more on our proposition
