Positive trend in the sales of protection policies
The latest data from The Exchange, IRESS’ award-winning online comparison quote and transaction portal, shows a positive trend in the sale of protection policies, with new business applications across all Critical Illness, Life, Income Protection and Multi Benefit products up 10% so far this year compared to 2016.
In particular, October was a record breaking month with protection new business increasing by over 17% year on year, while multi benefit products have seen the sharpest increase from October 2016 to October 2017 with a massive increase of 64% in applications.
So what is driving this trend?
“These new figures from The Exchange continue the upward trend in applications we saw earlier this year and support our view that confidence in the benefits of protection insurance is growing. We believe there are several reasons for this renewed interest. New enhanced underwriting for those with diabetes or high BMI has helped reach historically underserved areas of the population; The Exchange now offers 74 protection products that support partial underwriting for BMI. Technology improvements in claims and underwriting from many insurers also provide a better experience for advisers. And initiatives like the ‘7 families’ campaign are raising awareness of the need for protection. Hopefully this positive trend will continue into 2018, helping address the protection gap highlighted by the FCA, which found 65% of people have no protection cover.”
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