Pandemic fears reboot interest in dwindling life insurance market - adviser's research

Sales down 26% in last five years

Jenna Brown
clock • 2 min read

The coronavirus pandemic and its massive impact on daily life has sparked renewed interest in life insurance after five years of falling sales, according to Salisbury House Wealth.

The advice firm said sales of life insurance policies were down 26% in the last five years but interest in the product had risen since Covid-19 struck the UK in March this year. It said Financial Conduct Authority (FCA) data, provided to the advice outfit, showed life insurance sales fell from 478,745 in 2015/16 to 353,194 in 2019/20. The value of premiums paid each year also fell from £7.6bn to £4.3bn over the same period, it added. However, the Leicester-based adviser said the coronavirus pandemic had brought life insurance back into play and providers were adapting their process...

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