Following the recent publication of Defaqto's annual income protection report, Nick Telfer takes a closer look at the issues surrounding the misunderstood cover
The industry's indifference to providing an appealing long-term income protection (IP) solution has allowed other policies to steal a march. Payment protection insurance (PPI), an inferior product in most cases, has taken a large chunk out of the IP market. According to the Council of Mortgage Lenders, over three quarters of a million new mortgage payment protection insurance policies came into force in 2005. Add to this those who, not always knowingly, take advantage of credit card and personal loan payment protection and it is glaringly obvious that IP's place in the market is totally o...
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