Short term income protection products are set to be the big seller over the next ten years, according to the protection industry.
Asked as part of a Protection Review survey which product areas members of the protection sector, including IFAs, consultants and providers, thought would see the most sales growth in the next decade, 35% cited short term income protection products.
Life cover and severity based cover were second and third, but both were cited by just 17.5% each. Standard income protection was fourth, but chosen by just 13%, with no other products reaching even 5% of the vote.
The data comprises part of a larger study conducted by the Protection Review, which will be included in the industry trade body's 2022 survey, where the industry is asked 15 questions about what the protection sector will look like in ten years time.
Kevin Carr, chief executive of the Protection Review, commented: "This is a huge endorsement of short term income protection's concept.
"I would imaging it's because this is where the banks will go and it's also the direction the group market is expected to go as well, as companies look to reduce their employee benefit costs.
