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Income protection should arguably be the cornerstone of any financial planning. However, the recent Swiss Re Term and Health Watch 2022 highlighted that whilst there had been an 8.9% growth in income protection sales in 2021, the income protection market is still down from the record high of sales in 2019.
It’s inflation day today. So, you’ll see many broadcasters publishing ‘breaking news’ with headlines such as “prices rise at fastest rate for 30 years”.
With many individuals and households facing rising living costs and a squeeze on their income, there is a risk that valuable protection insurance products are seen by clients as a non-essential cost and therefore they may either forgo the cover entirely or cancel existing products.
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