Income protection should arguably be the cornerstone of any financial planning. However, lat years Swiss Re Term and Health Watch 2022 highlighted that whilst there had been an 8.9% growth in income protection sales in 2021, the income protection market is still down from the record high of sales in 2019. This is perhaps understandable given the Covid pandemic, but with the cost of living crisis squeezing household incomes and many individuals and families having to make tough decisions about what they spend their money on, there is a risk that income protection is seen by many as an unnecessary luxery, rather than arguably the most essential insurance anyone could have.
This year the Income Protection Task Force (IPTF) will once again be running their Income Protection Awareness Week (IPAW) from the 18-22th September, to higlight the importance of income protection and call on more advisers to discuss IP with their clients. Advisers play a crucial role in engaging with consumers on all protection products, but with income protection sales still lagging behind life and critical illness cover, it’s clearly essential to raise awareness of the value and need for IP for many of their clients. In this round-up, we bring you 5 insights highlighting the importance and benefit of income protection insurance.
