Term Assurance accounted for 43 per cent of all protection sales in 2015, while mortgage term assurance accounted for 17.8 per cent, data taken from more than 90 insurers showed (insurance protection).
Analysis of protection provider data Equifax Touchstone showed £117.4m of life cover premiums were sold at the end of 2015, up from £109.3m in the third quarter (an increase of 7.5 per cent).
Sales for the year stood at £452.1m, down 0.3 per cent on the 2014 total of £453.5m. The data, which is collated from more than 11,000 advisers, showed term assurance for 43 per cent of protection sales in 2015, while mortgage term assurance accounted for 17.8 per cent.
Critical illness sales for the year grew by 33.3 per cent compared with 2014, and sales of term assurance (including term policies with critical illness incorporated), was up by 11 per cent.
Geoff Greensmith, director at Equifax Touchstone, said: “Protection growth was strong in the last quarter of 2015, driven by sales of pure critical illness policies and also critical illness riders.”
“Mortgage term volumes also performed well, underpinned by strong mortgage applications in the third quarter.”
“However, we anticipate that mortgage term assurances sales are likely to fall back in the first quarter of this year, given the reduced level of mortgage applications seen towards the end of 2015”.
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