How Customers Purchase Income Protection Market using Association of British Insurers data, and price range for income protection policies is 20-29

May 13th 2019 at 3:56 AM

Market Research Hub (MRH) has recently broadcasted a new study to its broad research portfolio, which is titled as “How Customers Purchase Income Protection 2018” provides an in-depth analysis of the Income Protection with the forecast of market size and growth. The analysis includes addressable market, market by volume, and market share by business type and by segment (external and in-house).The research study examines the Income Protection on the basis of a number of criteria, such as the product type, application, and its geographical presence.

The whole supply chain of Income Protection has been explained with statistical details with a special emphasis on various upstream and downstream components. The current trends pertaining to the demand, supply, and sales of Income Protection, together with the recent developments have been given here to provide an exhaustive picture of this market.

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How Customers Purchase Income Protection 2018

This report explores the attitudes, behaviors, and preferences of customers who purchased an income protection policy in the last 12 months. It explores distribution and the purchasing journey, policy purchase triggers, the financial concerns of customers, and brand selection. It also sizes the market using Association of British Insurers data.

Income protection provides long-term cover if an individual is unable to work due to injury or illness. The policy typically pays out until the client returns to work, retires, or dies. Payouts are usually aligned to earnings and are tax-free. A policy can pay out for as long as the individual needs, or the benefit can be capped. In 2017 the income protection market insured 132,949 new lives and was worth 53.63m in new business premiums according to the Association of British Insurers.

- Comprehensive cover was the leading consumer choice in 2018, accounting for 42.0% of income protection purchases.
- Consumers have moved away from researching and purchasing from comparison sites in favor of brokers and banks that can provide advice.
- The most common monthly price range for income protection policies is 20-29.

Reasons to buy
- Understand consumer purchasing decisions and how these will influence the market over the next few years.
- Improve customer engagement by recognizing what is most important to them and how to adapt products and services to meet their needs.
- Discover which providers lead the way in the income protection space.
- Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.

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Table of Contents
Executive Summary
Sizing the Income Protection Market
the Purchasing Journey
Behaviors & Attitudes
Brand Selection


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