The number of pure protection sales has increased over the past year led by a huge increase in standalone critical illness sales.
This is according to the Financial Conduct Authority’s Product Sales Data Annual Trends report for 2020.
The data reveals while there was an increase in critical illness sales sold with mortgage protection – up from 362,175 in 2019 to 375,301 in 2020, standalone critical illness sales soared from 24,013 in 2019 to 54,028 in 2020.
However, it wasn’t all good news as income protection sales fell from 194,260 in 2019 to 181,138 in 2020.
All of this means that overall, pure protection sales rose from 580,988 in 2019 to 610,467 in 2020.
