Co-chair of the Income Protection Task Force (IPTF), Andrew Wibberley, examines the the state of income protection sales last year and why he's optimistic about the future of the product
The Swiss Re Term and Health Watch report was a reality check on many of the fine, optimistic words written about Income Protection (IP) over the last 15 months. The annual research showed a 9.5% drop in year-on-year new policy sales from 179,605 in 2019 to 162,515 in 2020. Before getting too despondent, it is worth considering an alternative view where we start by observing that in spite of all the incredible challenges 2020 bought, IP sales have still risen 34% from the 121,084 made in 2017. Whatever else changes in the world there are always lies, damned lies and insurance sales fi...
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