Income Protection News
Uptake of income protection cover increasing
British people are increasingly putting in place safety measures by taking out protection such as life insurance and income protection cover, according to new figures from Legal & General (L&G).
A study by the insurer looking at independent financial advisers' (IFAs) confidence levels in the protection industry has shown that operators are bullish about the industry's performance.
The firm's current protection sales index has notched up two points since the last quarterly survey, while the future sales index, which looks at upcoming business prospects, has jumped by a significant 32 points.
"Looking at the types of products that people are buying, the proportion of clients taking out decreasing term assurance has dropped slightly but has been replaced by a slight increase to level term assurance," explained IFA sales director Martin Noone.
"More people are taking out income protection, family protection and business protection but critical illness cover has proved less popular," he stated, adding that most of the business was coming from the companies' existing client banks.
The news comes in the wake of recent revelations by LifeSearch senior policy adviser Matt Morris that life insurance premiums had fallen in recent years, making protection more affordable for many.
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