The Income Protection Task Force (IPTF) hosted a podcast today as part of Income Protection Action Week (IPAW), designed to raise awareness and improve income protection sales.
The event shifted focus from “awareness” to “action,” highlighting the need for proactive engagement in the market.
Co-chairs Jo Miller, Andrew Wibberley, and Vicky Churcher spoke with experts on the current state of income protection.
They noted that the market continues to grow, with a recent Q1 update showing an 8% increase in Annual Premium Equivalent (APE).
Income protection saw the largest rise, with APE up by 18% from the previous year.
The ABI reported a record 247,000 income protection sales, with 97% of these products sold with advice.
This week’s webinars include a session on selling less income protection, identifying different client types, and handling complex conversations around business protection.
The final session will address retention and value-added services.
The podcast also touched on recent consumer challenges due to rising living costs.
The Financial Conduct Authority (FCA) Financial Lives Research found that 77% of people worked more just to make ends meet, while 22% cancelled a protection policy as a result of the cost-of-living crisis.
Churcher said: “Understanding income protection, its product features, and how to convey these effectively to clients has never been more important.
“IPAW aims to equip advisors with the skills needed to support clients effectively during these challenging times.”
