Long-term individual protection down 5.5%

Nearly two million policies were sold under term assurance, whole life, critical illness (CI) and income protection (IP) in 2023. Individual term assurance sales including CI saw a downturn of 10.4% over the year, from nearly 1.6m in 2022, to just over 1.4m in 2023. New individual CI sales also saw a slight reduction of 3.2%, with standalone policies being the saving grace for the product, as it saw a 15% increase in new policies. IP was once again the winner for 2023, seeing a 10% rise in new sales, up from 180,000 policies in 2022, to nearly 200,000 in 2023. Joanna Scott, technic...