Bumpy road for income protection

“That's not the kind of flexibility in this day and age that we should be offering”

Jaskeet Briah
clock • 5 min read

With most UK workers not having an income protection policy (IP), Jaskeet Briah speaks to protection advisers and providers in the first of this two-part feature about the roadblocks within the IP application process and how to bolster accessibility within the product.

Recent research has highlighted the lack of IP among certain demographics. Seven in 10 (67%) workers do not have any form of IP and only two in 10 homeowners who pay a monthly mortgage have an IP policy, dropping to 6% for renters. According to LV='s recent Reaching Resilience report, 21% of workers have IP, compared to critical illness (CI) (24%), term life insurance (28%) and whole of life insurance (29%). So, why aren't advisers selling more IP? A spokesperson for the Protection Distributors Group (PDG) says a large proportion of protection is written off the back of a mortgage and...

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