Insurance -
Who's going to protect income protection? - 19/05/2008
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Sales of income protection have declined on a yearly basis raising fears for it’s immediate future.
These reports, which have been gleaned from the Term & Health Watch section from Swiss Re’s, show that income protection sales totalled 111,780, a 14.3% decline since 2006.
It shows that many consumers are unaware about the different sorts of policy’s that’s out there including income protection. The report goes on to state that once informed, the public are very receptive but the many customers aren’t.
“The life industry cannot use a perceived lack of consumer demand as an excuse not to raise people’s awareness of the need for income protection,” says Mark Johnson head of marketing at Swiss Re‘s UK life and health reinsurance operation,
“Fundamental changes are needed to ensure that it does not disappear altogether, and the industry as a whole must promote the benefits of income protection if we are to make progress in helping consumers help themselves,” he adds.
The credit crunch is taking hold however as income protection is not the only policy to have suffered poor sales. The report has revealed that sales across the board for individual protection products have suffered a sharp decline, including Critical Illness and New term assurance plans.
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