In 2024, the United Kingdom has undergone something of a transformation. A new government has stepped into power, inflationary pressures are easing, and mortgage rates from some providers have started to fall. But the horizon isn’t without one or two clouds. 

Harvey, an events company owner with an active role in producing events, was in his 20s when he took out income protection insurance with The Exeter. In his early 30s he started to experience numbness in his feet but didn’t give it much thought.

In a world where uncertainty is a constant companion, insurance cover offers a reassuring safety net for individuals and families alike, but that’s not all they offer. In our latest Health & Financial Fears research, we surveyed 2,000 UK workers and found that a surprising 40% were unaware of any additional benefits available with their policy.

For financial services professionals like you and me, we understand the products we work with and know the value they bring to clients. But our research shows that there is still a lack of consumer awareness of the need for and role of protection insurance.

In times of economic uncertainty, there is arguably no better time to protect ourselves against the unforeseen impact of illness or injury on our ability to earn a living. Yet, whilst overall sales of income protection insurance increased in 2022¹, they have not reached the same heights as other forms of insurance, especially considering the current increase in demand for health insurance.

For many UK workers, recent months can be summed up in one word – challenging. The final quarter of 2022 was marked by inflation increases, rising interest rates, political turmoil, and a drop in mortgage approvals. In this article Steve Bryan looks at the new relationship between protection and mortgage advice.