New figures from LifeSearch show the average age of income protection (IP) policyholders has dropped over the past decade, although premium costs have also risen in line with inflation and the cost of cover.
The average age of IP customers over the past 10 years has dropped from 38 in 2013 to 36, with the average age of a claimant at 41, according to data shared with COVER. "I'd like to think that the drop in the average age of IP customers represents a greater appreciation of the need for IP and awareness around the value of financial advice at younger ages," commented Katie Crook-Davies, co-chair of the Income Protection Task Force. "As an industry we continue to work to reach younger people with more relevant IP propositions and marketing, so it will be interesting to see whether the a...
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