The data, which is collated from 22 protection providers, with inputs from more than 11,000 advisers, reveals that mortgage term policies grew most during the quarter, up by 20.7% on Q1 to £26.2 million. This was followed by critical illness policies which experienced a 15.0% increase to £4.5 million.
In addition, income protection, decreasing term with critical illness, and relevant life policies all performed positively, with sales increasing by 11.1%, 10.0% and 8.7% respectively. Term and term with critical illness policies saw minor decreases in sales of 1.7% and 1.1% respectively.
John Driscoll, Director at Equifax Touchstone, said: “Our analysis shows that protection sales have continued to grow for each of the last three quarters, reaching their highest level in five years. This growth has been supported by a strong mortgage market, and the emergence of online intermediaries.”
