Advisers see 2024 as good year for protection growth

Published on

iPipeline has reported that 47% of the advisers in the UK who responded to the company’s recent survey say they “strongly agree” that 2024 is shaping up to be a positive year in terms of protection sales growth. This is nearly a 10% increase on a comparative reflection of last year (39%).

Specifically, advisers reported they are most positive this growth is coming from Income Protection (43%), followed by Critical Illness (23%), and Term Assurance (21%).

The research, conducted through iPipeline’s SolutionBuilder portal in May, coincided with Swiss Re’s Term & Health Watch 2024, which was released on 21 May; key statistics from that survey show that although sales of new long-term individual protection policies in 2023 decreased by nearly 6%, according to the 2024 Swiss Re report, new Income Protection policies increased by 10% to 198,566 policies.

Stephanie Hydon, director of client distribution at iPipeline, said: “There does seem to be a growing sense that protection advice is changing for the better and that quality is starting to trump quantity. The move to recommending a better-quality mix of protection solutions could be why we are seeing the growth of Income Protection.

“Our own data also evidences the continued popularity of multi-benefit plans, which accounted for 46% of new policy value applied for through our adviser portals last year, up from 42% in 2022.

“Advisers continue to strive to ensure every customer is properly protected across multiple areas and increased efficiency in providing advice gives them back the most important thing, time; Time to properly engage customers and find the very best option for them, which is time well spent as the data suggests.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Landlords weigh exit as Renters’ Rights Bill nears Royal Assent

More than a third of UK landlords are considering selling their properties in the...

Connect for Intermediaries add StreamBank to panel

Connect has added StreamBank to its lending panel and giving its appointed representatives access...

HMO availability falls sharply as landlords consider exit

The number of house shares available across England has dropped sharply, with new research...

Bridging market shows signs of consolidation

The latest quarterly data from the Bridging & Development Lenders Association (BDLA) shows a...

Countrywide Surveying Services signs new MPowered deal

Countrywide Surveying Services (CSS) has signed a new agreement to act as the surveying...

Latest publication

Other news

Landlords weigh exit as Renters’ Rights Bill nears Royal Assent

More than a third of UK landlords are considering selling their properties in the...

Connect for Intermediaries add StreamBank to panel

Connect has added StreamBank to its lending panel and giving its appointed representatives access...

HMO availability falls sharply as landlords consider exit

The number of house shares available across England has dropped sharply, with new research...