24th July 2019

Royal London: State of the Protection Nation 2019 – the road ahead

Now in its third year, our State of the Protection Nation report tracks adviser confidence in the protection market as well as consumer awareness and perceptions.

A few key findings this year: 

• Advisers see the rising cost of living as the biggest threat to the protection market. With less disposable income, consumers could see their financial risks increase at the same time as they dismiss the protection solutions they need.

• Consumers believe that protection is unnecessary and expensive – and yet the majority of renters couldn’t survive three months if they lost their income.

• There’s a new trigger in town – 12% of consumers who took out income protection did so as a result of a salary increase. Other popular reasons were starting a business, or a new job, or becoming self-employed. The protection conversation isn’t just for buying houses or having children anymore.

By giving tailored advice to customers, advisers are key to helping consumers get the right cover in place to support their financial resilience.

To find out more about the types of consumer we identified as opportunities, and how you can help them and build your protection business, read the State of the Protection Nation 2019 report.

Protection