Vicky Churcher, executive director, Income Protection Task Force (IPTF) and Phil Day, senior business development manager, Iress, discuss the pivotal role of indexation in securing the future of protection plans.
Inflation has become an unavoidable part of daily life in the UK. From groceries to energy bills, everyone feels the pinch and for those with long-term protection policies, inflation is a silent risk that can quietly erode the real value of their cover. This is why indexation is such a critical feature of income protection and why the 2024 market data leaves room for concern. Currently, individual policies are more likely to be sold on a level basis, while multi-benefit (menu) policies lean towards increasing benefits. Encouragingly, over one quarter of menu plans in 2024 were sold on...
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