Seven Families reports rise in income protection enquiries

Robyn Hall

March 3, 2015

The charity-led campaign, set up to raise awareness of the financial impact of long-term illness and disability, launched in November 2014 to support seven families across the UK who have lost an income without financial support in place.

Adviser quote portals iPipeline and IRESS’ The Exchange saw a notable rise in IP enquiries towards the end of 2014.

iPipeline saw a 5% increase from November to January when compared to the previous quarter, and a 65% increase on the same period in the previous year.

The Exchange saw an 8% increase in IP quotes in November and a 14% increase in December 2014, when compared to the same months in 2013.

Advisory firm London & Country also saw a 3% uplift in IP sales in Q4 when compared to previous quarters.

Michael Aldridge, sales director at London & Country, said: “We saw good sales growth for income protection towards the end of 2014 and we’re pleased to say it’s a trend that appears to be continuing into 2015. The need to raise awareness of the benefits of income protection is great and we hope that the high-profile campaign surrounding Seven Families is having an impact.”

Peter Le Beau MBE and spokesperson for Seven Families added: “It’s encouraging to see any rise in the number of income protection enquiries and sales.

“While we can’t claim categorically that the Seven Families campaign has contributed to this, the coverage across media and social media of the campaign has, we hope, helped to engage people on the importance of this issue, prompting them to speak to an adviser and take action.”

Seven Families, in partnership with Disability Rights UK and the Income Protection Task Force, provides a tax-free income for one year to each chosen family.

The campaign also provides the families with access to financial advice from a range of volunteering financial advisers to help with basic finances and budgeting, and they will also have the opportunity to benefit from independent living, rehabilitation and counselling services.

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