Mortgage term protection sales rose 7.3% (£1.4m) to £20.5m in Q2, following a 4.1% (£1.8bn) rise in mortgage sales during the same period according to exclusive research given to COVER.
The analysis from Equifax Touchstone, a financial intermediary and customer profiling provider, shows that overall protection sales were only marginally up, climbing 0.2% to £121.4m. The data, which is collated from all the main protection product providers, shows a 14.6% increase in sales of decreasing term with critical illness policies (rising to £8.1m). Income protection followed closely, up by 13.1% to £9.0m. "Positive headway" was offset by falls in whole of life (-11.1%) and term (-5.2%) sales. Year on year, sales for these policies were down -18.2% and -18.4% respectively. ...
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