"The activity we’ve seen on iPipeline portals this month further indicates the growing demand for income protection."
- Paul Yates, Product Strategy Director at iPipeline
In the week beginning 11th March 2024, iPipeline’s portals (SolutionBuilder & Assuredweb) received 3,280 Income Protection (IP) applications, which is 8% higher than the previous record total in 2023. This figure includes applications that cover any policy with IP, be it standalone or part of a multi-benefit plan.
iPipeline has said these figures reflect rising IP sales in general, with the Association of British Insurers’ (ABI) latest figures showing a 16% year-on-year rise, with 247k IP sales in 2023. Nearly all (97%) individual IP policies were sold with advice, highlighting the important role advisers must play. The ABI said added-value services have also helped people return to work after ill-health or injury.
READ MORE: ABI encouraged by 16% rise in IP policies sold in 2023
“The activity we’ve seen on iPipeline portals this month further indicates the growing demand for income protection. In a climate of high interest rates and many still feeling the squeeze caused by double digit inflation last year, there seems to be a growing interest in a safety net to help address such financial shocks, said Paul Yates, Product Strategy Director at iPipeline.
He’s encouraged to see such high figures and will relay this to iPipeline’s partners, “together with underlying trends from our data which will help inform their growth strategies for 2024 and beyond.”
Commenting on these figures, Angela Davidson, Head of Protection at Mortgage Intelligence, said “IP is the cornerstone of financial resilience, so this significant uptick in applications of late is something to celebrate.” However, she stressed that we can’t rest on our laurels, “we must keep beating the drum to maintain this upward trajectory and ensure the importance of IP is raised on every occasion.”
“My hopes are that we continue to see advisers, and the industry alike, working together to protect more families to keep the roofs over their heads and food on the table,” she concluded.
