Income Protection and Critical Illness Cover - UK


May 1, 2011
131 Pages - SKU: GN6422096
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Countries covered: United Kingdom

What we have seen:
  • People who own PPI are significantly more positive about protection products than the general population. With the mis-selling scandal no doubt convincing many PPI holders to re-assess the suitability of the policies they own, there is a window of opportunity to convince them to trade up to longer-term protection products.
  • A good proportion of people who are currently unprotected wouldn't rule out buying cover, but they would only be interested in relatively low-cost policies. There is scope to further expand the budget section, potentially with a view to moving policyholders onto a higher-value policy at a later date.
  • The market has remained remarkably resiliant in the face of the recession and the ensuing income squeeze. Providers have worked hard to keep average premium levels low in order to minimise cancellations and to keep new business flowing.
  • Apathy remains a problem, with a fifth of people who don't own either CIC or IP saying that they simply hadn't thought about it. Increasing awareness remains the key challenge for those in the market.
  • Government spending cuts could have at least one positive effect on the market. Making it harder to claim benefits in the event of ill-health means that it is even more important for people to protect themselves against illness and accidents.
  • Providers still need to do more work when it comes to convincing potential purchasers that they will be treated fairly if they try to make a claim. Three in ten say that they do not trust insurers to pay out on these policies - a figure that is totally at odds with the relatively small number of claims that actually are rejected.


Additional Information

Report scope

This report looks at both the income protection and the critical illness cover markets. These are long-term protection products that either pay out a lump sum should the policyholder contract a specific serious illness (in the case of CIC), or a regular monthly income should the policyholder be unable to work due to illness or injury (in the case of IP).

The short-term protection market - namely payment protection insurance (PPI) - does feature in this report, but only from the perspective of it being a competing product. Term assurance may also feature in this report, but again, only from a secondary perspective.

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