The number of people taking out protection policies continued to decline last year according to research.
In 2023, purchases of new long-term individual protection policies decreased by 5.5% – this includes term life insurance, whole of life cover, critical illness and income protection. The term life insurance market experienced the most significant drop, with a 10.4% fall in new policies. However, there was some growth in the uptake of income protection.
Higher mortgage rates are believed to be partly responsible for this decline, as the higher cost of borrowing has caused the nation to tighten their purse strings. But being unprotected could be detrimental to you and your family’s financial future if anything happens.
As with all insurance policies, conditions and exclusions will apply