How Customers Purchase Income Protection Insurance 2020
Summary
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 income protection market using Association of British Insurers data.
Customers purchasing income protection in the UK were influenced by factors including financial concerns, product features, and even whom they sought financial advice from. With seven out of 10 survey respondents holding a mortgage it is clear that the recent activity in the housing market creates an opportunity for the income protection market to grow as cross-selling opportunities arise.
Scope
- Comprehensive cover was the leading consumer choice in 2020, accounting for 45.7% of income protection purchases.
- The use of IFAs/brokers as a way to research policies increased considerably in 2020.
- The most common monthly price range 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 insurers can adapt their 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.
Sizing Income Protection
The Purchasing Journey
Behaviors & Attitudes
Brand Selection
Future Market
Appendix
How Customers Purchased Private Medical Insurance in 2020
How Customers Purchased Private Medical Insurance in 2020Customers purchasing private medical insurance in 2020 were influenced by various factors, including their individual financial interests, the incidents prompting them to purchase
View ReportHow Customers Purchased Whole of Life Assurance in 2020
How Customers Purchased Whole of Life Assurance in 2020This report examines consumer purchasing behaviors and preferences in the whole of life assurance market, covering both guaranteed acceptance and underwritten policies.
View ReportHow Customers Purchased Private Medical Insurance in 2020
How Customers Purchased Private Medical Insurance in 2020Customers purchasing private medical insurance in 2020 were influenced by various factors, including their individual financial interests, the incidents prompting them to purchase
View ReportHow Customers Purchased Whole of Life Assurance in 2020
How Customers Purchased Whole of Life Assurance in 2020This report examines consumer purchasing behaviors and preferences in the whole of life assurance market, covering both guaranteed acceptance and underwritten policies.
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