Closure of whole of life offering has seen shift towards term assurance, but income protection offers growth opportunity
LV='s new protection business witnessed a 15% year-on-year decline - from £178m to £152m - during the first half 2018. According to the insurer, this was due to the closure of its whole of life offering and mortgage and lifestyle protection policy to "improve sustainability". "This is reflected in an overall 15% fall in sales to £152 million (HY 2017: £178 million), with the mix of business also shifting towards term assurance," the firm said. However individual income protection "remains an attractive market and following management action, including a range of pricing changes, we...
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