Financial advisers saw a larger number of protection sales across all life categories in 2024, according to the Swiss Re Term & Health Watch 2025.

Advisers saw particularly strong growth in the sale of level term life insurance policies, with 419,427 policies sold in 2024 (2023: 387,116), an 8% increase year-on-year, despite an overall drop in purchases of 2.1%.

Adviser protection sales 2023 and 2024

Source: SwissRe Term Health Watch 2025

Adviser sales were also strong for income protection policies, with 94% of sales being advised in 2024 (2023: 92%).

Sales of new income protection policies across all distribution types grew by 18% in 2024 (2023: 10% growth), according to the Swiss Re Term & Health Watch.

Half (49%) of new income protection policies sold in 2024 had a limited payment term, according to the report produced by Swiss Re and iPipeline. While new two-year limited payment term policies increased by 1.3% in 2024, normal retirement age policies increased by 37%, a reversal on the trend seen in 2023.

However, sales in other protection products did not fare as well.

Total new term assurance sales, including those with a critical illness benefit, fell by 0.8% (a 11,577 drop in policy numbers). However there was a 3.6% growth in the number of decreasing term assurance policies, a positive step from 2023 when sales had dropped to their lowest level since 2016.

The whole life market figures in the report showed the market has yet to recover from the substantial drop recorded in 2022. New guaranteed acceptance whole life purchases fell by 1.5%, while sales of underwritten whole life policies without a critical illness benefit decreased by 8.2% following several years of continued growth.

Paul Yates, product strategy director at iPipeline, said the figures from the report demonstrate advisers shifting toward quality over cost.

He said: “Advisers are increasingly realising greater value from the protection market as they refine their sales and recommendation processes to better meet their clients’ holistic protection needs. Our latest data highlights improved efficiency, with stronger quote-to-policy conversion and a growing preference for multi-benefit plans – increasing product density per client. Multi-benefit plans now represent over a third of all protection sales.

“We’re also seeing a clear shift toward quality over cost, with advisers placing less emphasis on just the lowest-priced options. The continued growth in APE (£) relative to new policy volumes underscores this trend. It’s a compelling sign that advisers are delivering more comprehensive protection solutions for their clients.”

Joanna Scott, technical manager and industry affairs manager for life and health UK insurance at Swiss Re, said the growth in normal retirement age income protection policies is particularly significant.

She said: “The government is on a clear mission to keep people in work as part of its plans to boost productivity. The Keep Britain Working review, led by Sir Charlie Mayfield, has shone a real light on the role of employers and what they can do. But it has also highlighted the role of income protection insurance in supporting people both financially and medically while minimising government spending.

“Sales of NRA and LPT products are now split 51:49. This is hugely positive when considering the potential impact on the welfare state if an employee is unable to return to work before the end of a policy’s payment period. But there is still a long way to go.”