Protection sales rose 13% in 2016

Sales in the protection market grew by 13.9 per cent in 2016 with sales of £521m, up from the 2015 total of £457.3m, according to Equifax Touchstone.

The data, which is collated from more than 90 product providers with inputs from more than 11,000 advisers, shows term assurance accounted for 38.7 per cent of protection sales in 2016, while mortgage term assurance accounted for 16.5 per cent.

While overall sales improved in 2016, the last quarter of 2016 saw lower sales compared to the previous three months.

For October to December £131.5m of cover was sold, down from £139.3m in the third quarter.

John Driscoll, director at Equifax Touchstone, said: “Protection volumes fell in the later part of 2016 due to mortgage market declines in the third and fourth quarters.

“However, in a year of political upheaval, with Brexit and the US elections, the protection market as a whole remained strong and saw continued growth for the year.”

Oliver Bailey, an independent financial adviser based in New Malden in London, attributed the increase in protection sales to the high number of interest-only mortgages coming to an end with no endowments.

Mr Bailey said: “They have had to remortgage and go to a repayment mortgage and change the life assurance with it.”

While 600,000 interest-only borrowers will see their mortgages mature before 2020, just under half are expected to have a shortfall due to factors such as a reliance on property price growth, which has slowed in recent years.

As a result, some people may have to resort to selling and downsizing their family home or raiding their savings or pension pots, despite having good incomes.

37 Replies to “Protection sales rose 13% in 2016”

  1. I just like the valuable information you supply for your articles. I will bookmark your blog and check once more here regularly. I’m fairly certain I’ll learn a lot of new stuff proper right here! Best of luck for the following!

  2. I was talking to a buddy of my own on this article and also regarding coffee machine prices as well. I do think you made a few good points in this article, we are excited to keep reading material from you.

  3. You are absolutely correct! I really enjoyed reviewing this info and I will return for more right away. My internet site is dealing with math homework, you might check it out if you happen to be still interested in this.

  4. You’re totally correct, I’d like to learn a lot more on this topic! I am as well fascinated by aptoide since I consider it is quite unique at the moment. Keep it up!

  5. I was discussing with a good friend of mine about this info and even regarding online aadhar card too. I do believe you made a lot of great points on this page, we’re also looking forward to keep reading stuff from you.

  6. You are absolutely correct and I agree with you. When you want, we might also speak around personal computers, something which fascinates me. Your site is amazing, cheers!

  7. You’re totally right. I really liked looking through this article and I will come back for more as soon as possible. My own internet site is on the subject of khanapara teer result, you can have a look if you are interested in that.

  8. Hey there I am really excited I came across this webpage, I actually found you by error, while I was browsing on Digg for shareit app download for android. Nonetheless I’m here right now and would just enjoy to say cheers for a wonderful blog post and the overall thrilling site (I furthermore like the design), I do not have enough time to go through it completely at the moment but I have saved it and moreover added in the RSS feed, so whenever I have plenty of time I will be returning to read much more. Make sure you do keep up the great job.

  9. Hey! This is my very first comment on this site so I just wanted to give a quick hello and tell you I truly enjoy reading your articles. Can you suggest any other websites which deal with download kik messenger? I’m likewise very curious about that! Thanks a lot!

  10. I was speaking to a good friend of my own around this and also about framaroot application too. I think you made a few very good points in this case, we are excited to find out more stuff from you.

  11. I’m definitely loving the design of your site. Do you ever come across any web browser compatibility problems? A lot of my own site audience have lamented regarding my omega xl review website not working the right way in Explorer yet looks very good in Firefox. Do you have any tips to help repair the issue?

  12. I’m truly loving the theme/design of your information site. Do you ever run into any kind of internet browser compatibility problems? A number of my blog readers have complained concerning my how to track a mobile number site not operating effectively in Internet Explorer though looks amazing in Safari. Are there any ideas to aid fix this problem?

  13. You are completely right, I’d really enjoy to discover new information on the topic! I am as well captivated by mobile phone tracker because I feel it’s quite trendy at the moment. Keep this up!

  14. 158317 851235Quite efficiently written story. It is going to be valuable to anybody who employess it, including me. Keep up the very good work – canr wait to read more posts. 188997

  15. 337589 905761I love what you guys are up too. Such clever function and exposure! Maintain up the extremely good works guys Ive incorporated you guys to my own blogroll. 587413

  16. Wonderful paintings! That is the kind of information that are supposed to be shared across the internet. Disgrace on the search engines for not positioning this post upper! Come on over and consult with my web site . Thanks =)

  17. Aw, this was a really nice post. In idea I wish to put in writing like this moreover – taking time and precise effort to make an excellent article… but what can I say… I procrastinate alot and by no means appear to get one thing done.

  18. There are terrific improvements on the layout of this website, I honestly like that! My website is about Arvind Pandit and currently there are quite a lot of things to be done, I’m yet still a rookie in website development. Take care!

  19. There are certainly fantastic upgrades on the structure of the site, I truly love that! My own is relating to bluestacks for windows 7 and now there are quite a lot of things to do, I’m still a novice in website creation. Cheers!

  20. Many thanks for discussing this, I bookmarked the web page. I’m furthermore in need of guidance on kik app, do you know exactly where I could discover a thing like this? I will return in a little while!

  21. I frequently read your articles attentively. I am furthermore considering real estate investors, perhaps you might talk about that at times. I’ll be back soon.

  22. I’m truly enjoying the theme of your information site. Do you come across any kind of web browser compatibility issues? Some of my own site visitors have complained about my intercom system installation site not operating correctly in Internet Explorer yet seems wonderful in Opera. Do you have any tips to assist repair this problem?

Leave a Reply

Your email address will not be published.