Vicky Churcher, executive director, IPTF, and Warren O’Connell, head of business development sourcing, Iress, kick off this year's profile of an IP customer series by discussing trends from 2024 data.
The 2024 profile of the Income Protection (IP) customer paints a picture of a market that is not only holding firm but also maturing in subtle yet important ways. The data reveals changes in buyer demographics, product choices and benefit structures, each signalling a market that is growing in sophistication, but also one that must continue to adapt. One of the standout findings is the younger average age of customers buying IP via multi-benefit (menu plan) who are around four years younger than those purchasing stand-alone cover. This is significant. It shows that multi-bene...
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