Bumpy road for income protection

“That's not the kind of flexibility in this day and age that we should be offering”

Jaskeet Briah
clock • 5 min read

With most UK workers not having an income protection policy (IP), Jaskeet Briah speaks to protection advisers and providers in the first of this two-part feature about the roadblocks within the IP application process and how to bolster accessibility within the product.

Recent research has highlighted the lack of IP among certain demographics. Seven in 10 (67%) workers do not have any form of IP and only two in 10 homeowners who pay a monthly mortgage have an IP policy, dropping to 6% for renters. According to LV='s recent Reaching Resilience report, 21% of workers have IP, compared to critical illness (CI) (24%), term life insurance (28%) and whole of life insurance (29%). So, why aren't advisers selling more IP? A spokesperson for the Protection Distributors Group (PDG) says a large proportion of protection is written off the back of a mortgage and...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Income Protection

Stonebridge adds new Homeowners Income Protection to offering

Stonebridge adds new Homeowners Income Protection to offering

Partnership with Wessex Group

Jaskeet Briah
clock 16 April 2024 • 2 min read
Dentists' Provident releases annual report

Dentists' Provident releases annual report

£5.2m paid in sickness claims

Cameron Roberts
clock 12 April 2024 • 1 min read
Record week for IP: iPipeline

Record week for IP: iPipeline

Activity 8% higher than previous record

Cameron Roberts
clock 02 April 2024 • 1 min read