Protection sales hit 'nine-month high'

clock • 1 min read

Protection insurance sales have hit a nine-month high due to increased mortgage lending, according to LifeQuote.

The firm which outsources protection services to intermediaries said the recent growth in sales had been partly a result of the gradual recovery of the mortgage market.

Mortgage lending had increased by 21% in May to reach a five-year high of £14.7bn, according to figures released by the Council of Mortgage Lenders.

Rob Quayle, managing director of Directlife said: "The protection market is closely tied to the mortgage market and the life events that it parallels, such as new employment market, marriage and children. The recent upturn in mortgage lending and its underlying cause is therefore being mirrored in the protection market.

"However, critically, the five years of subdued lending mean that many people have had protection needs that have not been insured as they have not consulted an adviser, and this is plainly an issue that needs addressing."

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