Updated: Term & Health Watch 2017 - Income protection sales grow by 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...