With sales almost reaching a quarter of a million for the first time in the product's history, could the income protection market be on the verge of substantial growth? Angela Faherty reports Click here to download pdf
Over the past two years, the individual income protection (IP) market has started to show sound beginnings for real sustainable growth. In 2002, the sector grew by almost 20%, with policy sales amounting to 245,063 compared to the 204,379 policies sold in 2001. Prior to this, sales figures for IP showed the product was failing to achieve its full potential. Coupled with the phenomenal success of critical illness (CI), which continues to far outsell IP, growth in this sector appeared to have ground to a halt. A stagnant market A number of reasons for this lie in the complexity surround...
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