These reports are building a foundation of robust, insight-based resources that advisers and industry professionals can rely on year after year. Last year’s findings reignited conversations, energised training, and inspired new approaches - and this year’s report continues that momentum, helping people deliver better outcomes, raise the profile of IP, and make smarter decisions.
By putting these insights into practice, advisers, providers, and protection specialists are better equipped to adapt, innovate, and meet evolving client needs.
One of the most significant trends we've seen is the growing popularity of multi-benefit (menu) plans. While applications for single IP products have seen a huge 73% increase since 2017, applications for multi-benefit products that include IP have also soared by 42% since 2022.
In fact, in 2024, multi-benefit applications accounted for 48% of all IP applications. This shift suggests that advisers are embracing more holistic conversations about financial resilience.
The data reveals that those opting for multi-benefit plans are, on average, four years younger than those buying individual products. This younger demographic is showing a preference for long-term security.
For example, multi-benefit IP customers are more likely to have a longer deferred period, with a 3-month period being the most common choice. This choice may be a way for them to balance affordability today with future financial security.
We also found that younger customers are more likely to select policies that escalate with inflation (RPI-linked). In 2024, over a quarter of multi-benefit policies (26.17%) were sold on an increasing Max benefit basis.
Beyond age, we saw other notable shifts in 2024:
Full term policies are back
Higher average benefits:
Who’s buying which policies:
Our 2024 data reveals the evolving nature of the IP market, shaped by more informed consumers and comprehensive adviser conversations.
The IP market has made real strides in recent years, with advisers, providers, and protection specialists working hard to raise awareness, expand policy options, and improve access for more people. There’s more choice than ever before, and the industry’s efforts are helping clients see the value of Income Protection.
Yet the "protection gap" remains - according to AMI Viewpoint Report 2024, only 7% of the UK population holds an IP policy, despite 53% recognising its value. This report aims to help advisers spark more conversations - just as our previous report did - and support more people in making Income Protection a core part of their financial plans.
Our 2024 report builds on last year’s report, giving advisers and industry professionals the insights they need to turn conversations about IP into action, helping to identify opportunities to talk about IP, introduce it to more clients and shape new offerings.
Download the full report to spark meaningful conversations, raise the profile of IP, and uncover new growth opportunities.