Swiss Re's Term and Health Watch 2017 has shown growth across all individual protection products, with income protection showing the highest levels of growth at 9.8%.
During 2016, 1,767,138 new individual term, whole life, critical illness and income protection policies were sold, representing an increase of 4.9%. For the first time, the percentage of IP sales written to retirement age equalled the total percentage written to a limited payment term, with 50.2% of new IP business sold on a limited basis (38% in 2015), reflecting consumer affordability, the report-authors said. Throughout 2016, policies that experienced strong growth were term life cover only...
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Totalling £3.4 million
52% y-o-y growth