13% decrease in IP plans since 2013

New stats from Defaqto show that the number of IP plans on the market has fallen from 56 to 49 over the past five years (13%), while the number of providers has dropped from 32 to 24. The slide has been offset by an increase in limited payment policies, which pay out for between two and five years, and this is leaving policyholders at risk in the event of a long-term illness or life-changing injury, Defaqto has warned. According to the findings, 53% offer term-to-retirement cover today, compared to 68% five years ago, whereas 47% now offer fixed term payment options compared to just 3...