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Protection portals report rise in IP enquiries

Protection sales portals iPipeline and The Exchange have reported a spike in the number of income protection enquiries they received between November and January.

iPipeline says it received 65 per cent more enquiries in the three months to 31 January than during the same period a year earlier, while Iress’ The Exchange platform reports a 22 per cent year-on-year increase.

The rise follows the launch of Seven Families, a campaign that aims to raise awareness of the financial impact of long-term illness and provides each chosen family with a tax-free income for one year.

Four families have been selected to take part so far.

London & Country sales director Michael Aldridge says his firm saw a 3 per cent increase in IP sales in Q4 2014 and believes the scheme will help push sales further.

He says: “We saw good sales growth for IP 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 IP is great and we hope that the high-profile campaign surround Seven Families is having an impact.”

Income Protection Task Force chairman and Seven Families spokesman Peter Le Beau adds: “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.”

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