Australian Income Protection Insurance Sales Experience Downturn
Australian Income Protection Insurance Sales Experience Downturn
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Recent data from Plan For Life indicates a sharp decline in individual income protection insurance sales in Australia, with new risk income sales experiencing an 8.3% downturn in the year ending September 2024.
This contrasts with previous periods of growth, highlighting shifting dynamics within the insurance market.
Several factors may contribute to this decline, including increased premiums, changes in policy terms, and heightened consumer awareness leading to more selective purchasing decisions. Additionally, economic uncertainties and evolving employment patterns may influence individuals' decisions regarding income protection coverage.
For consumers, this trend underscores the importance of thoroughly evaluating income protection insurance options, understanding policy features, and assessing personal financial needs. Engaging with financial advisors and staying informed about market developments can aid in making informed decisions to ensure adequate financial protection.
Published:Saturday, 8th Nov 2025 Source: Paige Estritori
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Knowledgebase
Liability Insurance: A type of insurance that provides protection against claims resulting from injuries and damage to people and/or property.
