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Advisers forecast protection sales growth of 18%

But affordability is a potential barrier

Advisers believe sales of individual protection could grow by an average of 18% over the next two years, research shows.

The poll of 200 advisers for MetLife UK found 38% said there is a definite opportunity to help more customers over the next two years, while 40% said there could be. 

However, the research highlighted concerns about potential roadblocks to market expansion, with worries about affordability and the relevance of products to everyday lives seen as the biggest issues. 

More than two out of three (67%) of advisers said clients would be more interested in individual protection policies if they were more affordable and the same number said clients are put off buying protection products because they do not believe they will need them. 

Advisers said half (51%) of prospective customers are reluctant to buy protection policies because they are concerned about providers’ claims records, while 56% of advisers warned clients do not believe the current range of products is relevant to their everyday lives.

Richard Horner, head of individual protection for MetLife UK, said there are affordable product options and the industry’s record on claims is strong.