Amount of IP sales from mortgage brokers overtakes new IFA business
iPipeline has today announced that Q4 2018 was its ‘record quarter', showing year-on-year business growth of 21%.
During 2018, £77bn worth of life cover and £19bn worth of critical illness cover was sourced through iPipeline.
Protection business from mortgage brokers increased significantly, with the volume of new income protection (IP) and new short-term income protection with critical illness business written by them overtaking that of independent financial advisers (IFAs) during the second part of 2018.
IP sales increased 85% year on year during Q4 and half of IP business was from mortgage brokers during this period - levels increased by 165% compared with 68% for IFAs.
Multi-benefit sales during Q4 increased by 70%, compared with the same period in 2017. Almost a quarter of protection policies written is for policies with two or more benefits - up from 12% during 2017.
"2018 has been a great year and increase in income protection sales through mortgage brokers demonstrates that the mortgage advisory market is increasingly looking at protecting customers against the impact of illness as well as death," said Ian Teague, UK group managing director at iPipeline.
"I believe that the results demonstrate that the services we provide are instrumental in helping our customers to drive better protection conversations with their clients," he added. "Providing more opportunities to discuss the wider protection options available and to engage their clients in making personal informed choices on the cover arranged is helping clients to better understand their total protection options."
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