The number of pure protection sales marginally decreased over the past year amid a decline in advised critical illness sales sold with mortgage protection.
This is according to the Financial Conduct Authority’s (FCA) Product Sales Data Annual Trends report for 2022.
Although there there was an increase in the smaller category of standalone critical illness sales – up from 36,156 (advised sales) and 24,482 (non-advised sales) in 2021 to 41,084 (advised sales) and 28,030 (non-advised sales) in 2022 – the situation was different for the far larger category of advised critical illness sales.
While non-advised critical illness sales sold with mortgage protection increased from 82,014 in 2021 to 85,195 last year, sales for advised critical illness sold with mortgage protection fell from 326,671 to 299,537 in 2022.
Income protection sales increased, however, from 184,546 (advised sales) and 12,087 (non-advised sales) in 2021 to hit 185,834 (advised sales) and 12,594 (non-advised sales) in 2022.
As a result overall pure protection sales fell marginally from 665,956 in 2021 to 652,274 sales in 2022.
