Industry sales of protection policies fell across all product lines last year but worst hit was critical illness take-up which fell by almost a third and income protection sales were down a quarter.
In their latest Term & Health Watch report, Swiss Re reveals new UK life and health insurance sales fell generally in 2004 although mortgage protection products performed better than non-mortgage protection offerings. Critical illness saw the most significant fall as sales dropped 30% from almost 1.1m sales to over 700,000, while non-mortgage related CI plummeted 46% compared with an 18.7% fall in mortgage-related CI, as Swiss Re suggests the unstable market prompted many price and product feature changes which might not be looked upon favourably by the client. Income protection sales...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
