Decisive action needed to stop decline of income protection

Thu, 22 May 2008

Swiss Re has claimed that urgent action is required by the British life and health industry if the sector is to stem the continuing decline in UK protection sales.

The group warned that failure to act would increase the gap between the level of income protection (IP) currently available and the total amount needed by the British working population to protect against injury .

In the latest edition of its annual Term and Health Watch report, the reinsurer says the year-on-year sales of IP in particular, critical illness (CI) and new term assurance have continued to fall. It says that unless there are fundamental changes made to the way IP is designed and distributed, it could completely disappear from the market.

Mark Johnson, head of marketing at Swiss Re UK, said that the life industry cannot use what they interpret as a lack of consumer demand as a reason not to help raise awareness of the need for IP. He commented: "The industry as a whole must promote the benefits of income protection if we are to make progress in helping consumers help themselves."
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