LifeSearch has revealed that its income protection (IP) sales have seen a steady increase for the second year running.
The advice firm has seen a 12% increase in the number of customers choosing IP as part of their protection package so far in 2022 – this follows a 4% increase in the same figure last year.
LifeSearch CEO Debbie Kennedy told Health & Protection that the intermediary firm had also seen a shift in the profiles of customers taking out IP, with a greater interest from older workers.
“Through 2020 it was typically under-35 age segments buying the product,” Kennedy said.
“However, that flipped in 2021 with over-35s placing more value on protecting their income.
“We saw a 31% increase in customers aged 55-59 taking IP, and a 13% increase in 45-49 year olds.
“So far in 2022 we are seeing proportionate growth in every working age segment.”
She added that there was more the industry could do to get younger people interested and aware of protection, but that was just part of the problem.
“This industry does need to focus on younger people and different markets in order to keep growing, and simpler products is one way to do that,” she continued.
“However, the idea of sick pay is already pretty simple and product development is arguably the easy bit – reaching people and getting them to buy is far harder, which is why independent advice is crucial.”