iPipeline records recent business trends for income protection (IP) it believes are related to coronavirus
Last week, iPipeline saw new income protection (IP) business up 42% compared to mid-February and the most growth was for plans with short-term/more immediate cover.
Of these, 25% has deferred period of zero, one, or two weeks (compared to 10% in mid-February).
Commenting on the figures, Roy McLoughlin, associate director at Cavendish Ware and co-chair of the IPTF, said: "These figures do not surprise us because in uncertain times people will naturally look at catastrophic events and the subject of protection will inevitably arise. Advisers should be prepared to deal with questions and have solutions as is and has always been our role."
Mclouglin said there has also been increased interest in business protection. "I believe this applies not only to individuals but also companies where one would anticipate more relevant life and key person queries," he said.
Over the past week or so, a number of mutual have applied exclusions for COVID-19, on the whole for policies with a short deferred period.
As of 18 March
In light of coronavirus crisis exclusions
Five things to cling onto
As of Tuesday 17 March
Claims to be honoured for existing members