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...

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