Income protection sales hit upturn for first time in five years

Sales of income protection (IP) have improved for the first time in five years, according to Swiss Re's Term & Health Watch 2009. According to the report, total new individual sales for the product grew from 111,780 to 126,815 between 2007 and 2008, an increase of 13.5%. In previous years, the product has seen steadily declining sales: 162,061 sales in 2004, 147,285 in 2005 and 130,365 in 2006. However, the report warned: "Despite the year's modest increase in sales, IP is a particular challenge. Product providers and distributors expect the group IP market to contract in 2009 and 2010,...