Norwich Union Healthcare paid out 34m in income protection claims in 2003 according to its first IP Claims Report.
The IP sales report has been designed for advisers to use during the sales process to help promote IP and display to clients its benefits.
The report is available for free to advisers from the NU Healthcare Bureau.
According to statistics from the Office of the Deputy Prime Minister, the top reason for mortgage arrears in the UK in 2002/2003 was the loss of earnings due to sickness and injury.
NU Healthcare income protection product manager Nick Homer says: “IP is a much overlooked policy. We hope these statistics will help advisers overcome product reticence and enable advisers to show that in a lot of cases IP can better meet their clients’ needs than the more favoured critical illness policies and in a lot of cases the payout with an IP policy can be much higher.”