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Almost half of advisers report positive protection sales growth in 2024

Almost half of advisers report positive protection sales growth in 2024
Anna Sagar
Written By:
Anna Sagar
Posted:
04/06/2024
Updated:
04/06/2024

Around 47% of advisers say that they strongly agree that 2024 is a positive year for protection sales growth, according to a survey.

An iPipeline survey found that this is a 10% rise in protection sales versus the same period last year, with the firm saying that this could show “growing adviser confidence in protection”.

Approximately 43% said that the growth came from income protection, followed by critical illness at 23% and term assurance at 21%.

This echoes a poll by Mortgage Solutions one of YourMortgage.com‘s sister titles – done in May, which found that 47% of brokers say they have been selling more of this business since this time last year.

Stephanie Hydon, director of client distribution at iPipeline, said: “There does seem to be a growing sense that protection advice is changing for the better and that quality is starting to trump quantity.

“The move to recommending a better quality mix of protection solutions could be why we are seeing the growth of income protection. Our own data also evidences the continued popularity of multi-benefit plans, which accounted for 46% of new policy value applied for through our adviser portals last year, up from 42% in 2022.

“Advisers continue to strive to ensure every customer is properly protected across multiple areas and increased efficiency in providing advice gives them back the most important thing: time. Time to properly engage customers and find the very best option for them, which is time well spent, as the data suggests.”

Andy Walton, protection proposition director at Mortgage Advice Bureau (MAB), added: “In 2023, MAB issued over 31,000 income protection policies, which accounted for more than 15% of the UK market. Customer engagement in income protection remains high, with over 10,000 policies written in Q1 2024 alone.

“Income protection sales have not come at the detriment of other crucial areas. We have seen a continued increase in multi benefit (protection portfolio) sales, with the vast majority of customers appreciating bespoke advice and the ability to diversify their risks. Our partnership with iPipeline has definitely helped our holistic approach to giving advice in this crucial area for customers.”