IP decline driven by cost and lack of need - Defaqto

Defaqto’s annual Income Protection Insight Report describes IP as “the single most important financial planning need” and says it should be the first consideration in any financial plan. However, it points out sales are falling year on year and argues advisers, insurers and commentators pay lip service to the product. It says IP remains ‘nobody's child’. Defaqto’s report explores the challenges facing IP, focusing on the products currently available and the reasons for its poor take-up. Ben Heffer, principal consultant at Defaqto and author of the report, says: “Product complexity and af...