The Income Protection Task Force (IPTF) is optimistic that income protection sales will continue to grow, but has warned the sector cannot afford to be complacent.
This is according to IPTF managing director Jo Miller, who spoke to Health & Protection for our September analysis on individual income protection (IP) and ahead of Income Protection Action Week next week.
Miller told Health & Protection that growth in the market reflected lasting lessons from the pandemic, continuing NHS delays and the Consumer Duty push for more rounded advice.
“Additionally, the range of products available, in part due to factors such as new entrants and existing providers improving their offerings means there is now greater flexibility, affordability and digital ease for customers,” Miller continued.
“We’re optimistic this growth can continue, particularly through multi-benefit plans where IP is now a natural component but also in a sustained push from advisers with a solid understanding of financial resilience and customer need,” she added.
“Despite this, we need to remember that IP penetration is still low and there is much for us all to do.”