Income Protection News
Consumers taking out income protection, report states
An increasing number of consumers may be covering themselves with income protection insurance and whole life products, according to the latest data from Swiss Re, which shows sales are on the increase.
In its latest annual Term & Health Watch publication, which focuses on the protection market in the UK, the organisation has revealed a 13.5 per cent rise in income protection sales in 2008.
The sales peaked at 126,815 compared with 111,780 recorded in 2007, with whole life cover also rising by 28.8 per cent - 282,438 policies - over the same period, the highest level since 2000.
However, new term insurance and critical illness sales performed dismally after falling by 6.1 per cent and 4.7 per cent respectively.
"But the good news is that non-mortgage-related sales rose by 17.5 per cent," said the report's co-author Ron Wheatcroft.
"We attribute this partly to a lack of confidence in savings and investment products, and partly because consumers are concentrating on essentials in the wake of rising unemployment."
He added that "this is a good signal that protection is seen as core".
Income protection can come in handy should someone lose their source of income as a result of an accident.
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