Industry reports increase in IP inquiries

Protection portals iPipeline and IRESS' The Exchange reported a rise enquiries towards the end of 2014 following the launch of the Seven Families campaign.

Related topics:  Protection
Rozi Jones
3rd March 2015
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iPipeline saw a 65% increase in enquiries in Q4 compared to the same period in the previous year, while The Exchange reported a 22% increase.

The Exchange saw an 8% increase in IP quotes in November and a 14% increase in December 2014, compared to the previous year.

Advisory firm London & Country also saw a 3% uplift in IP sales in Q4 when compared to previous quarters.

The Income Protection Task Force’s Seven Families campaign launched in November, aimed at increasing awareness of the financial impact of long-term ill health or disability.

It provides financial support for one year to families where the breadwinner is currently unable to work due to poor health or as a result of an accident.

Michael Aldridge, sales director at London & Country, said:

"We saw good sales growth for income protection towards the end of 2014 and we're pleased to say it's a trend that appears to be continuing into 2015. The need to raise awareness of the benefits of income protection is great and we hope that the high-profile campaign surrounding Seven Families is having an impact."

Peter Le Beau MBE and spokesperson for Seven Families added:

"It's encouraging to see any rise in the number of income protection enquiries and sales.

"While we can't claim categorically that the Seven Families campaign has contributed to this, the coverage across media and social media of the campaign has, we hope, helped to engage people on the importance of this issue, prompting them to speak to an adviser and take action."

Mark Anders, Director of Sales for Individual Protection at Friends Life, said:

“Anything that raises the awareness of the effect of long-term illness has to be a positive which is why were so keen to support the Seven Families initiative. The campaign is really picking up momentum and it’s great to see that more people are recognising the benefits of income protection and trying to find out more.”

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