Two thirds of protection advisers report cost-of-living hit to business

Rising living costs impact market

clock • 2 min read

Around two thirds (65%) of advisers selling individual protection have reported a negative impact on their business due to the cost-of-living crisis, according to a survey.

The research by NMG Consulting found only 35% of mortgage advisers and financial advisers active in the protection space had seen no significant impact on their day-to-day business in the last six months. Mortgage advisers are suffering the most, with 46% reporting a decrease in new insurance policies sold since June.  A drop in new policies was also the biggest reported change overall, by 41% of all the advisers surveyed. Increases in the cost of cover (17%), an increase in policy lapses (17%) and a lower number of benefits sold per policy (16%) were the next most significant hits...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

Mortality tracks pre-Covid lows in 2024: CMI

Mortality tracks pre-Covid lows in 2024: CMI

Mortality is higher among the working-age population

Jaskeet Briah
clock 11 July 2024 • 2 min read
Skin cancer makes up 26% of claims for women under 29: Vitality

Skin cancer makes up 26% of claims for women under 29: Vitality

Breast cancer represented half of claims across all ages

Jaskeet Briah
clock 10 July 2024 • 1 min read
Habito launches protection offering

Habito launches protection offering

Adds six new hires

Cameron Roberts
clock 02 July 2024 • 1 min read