{"id":11441,"date":"2025-02-13T07:50:00","date_gmt":"2025-02-13T07:50:00","guid":{"rendered":"https:\/\/sapiens.com\/resources\/income-protection-insurance-the-new-cost-of-living-cover\/"},"modified":"2025-04-16T10:07:40","modified_gmt":"2025-04-16T10:07:40","slug":"income-protection-insurance-the-new-cost-of-living-cover","status":"publish","type":"resources","link":"https:\/\/sapiens.com\/resources\/blog\/income-protection-insurance-the-new-cost-of-living-cover\/","title":{"rendered":"Income Protection Insurance: The New Cost of Living Cover?"},"content":{"rendered":"<p><img decoding=\"async\" class=\"alignnone size-full wp-image-13279\" src=\"https:\/\/sapiens.com\/wp-content\/uploads\/2025\/02\/Income-Protection-1-.png\" alt=\"\" width=\"2500\" height=\"833\" \/><\/p>\n<p><span data-contrast=\"auto\">Life has a way of bringing unexpected challenges that can shake your financial stability.\u00a0<\/span><span data-contrast=\"auto\"> Consider, for example, Andrew, a self-employed contractor who falls from scaffolding, leaving him unable to work for many months, with no employer sick pay.\u00a0 Or Lisa, a nurse and single mother, who is diagnosed with a chronic illness, compounded by sleepless nights worrying about how to support her children.\u00a0\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">These real-life scenarios highlight the critical role of income protection insurance (IP) in providing financial support when individuals are unable to work due to illness or injury. IP insurance serves as a safety net for people like Andrew and Lisa to receive a percentage of lost earnings and help them cover expenses until they can return to work.\u00a0\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">The Growing Demand for Income Protection<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Traditionally known as permanent health insurance, IP was once considered expensive, rigid, and difficult to claim, not to mention inaccessible to the mass market. Today, however, increasing awareness and post-pandemic economic uncertainty have fueled demand for more affordable, flexible policies that are within reach, especially to self-employed workers in high-risk professions.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Changing work patterns, such as the rise of freelancers and contract workers, have increased demand for innovative, short-term income protection solutions. Insurers have started to introduce policies with shorter claim periods, multiple deferred options, and increasing flexibility in coverage at more affordable price points.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The demand for income protection is on the rise. In the UK, sales of new individual income protection policies reached <\/span><a href=\"https:\/\/mcas-proxyweb.mcas.ms\/certificate-checker?login=false&amp;originalUrl=https%3A%2F%2Fwww.moneymarketing.co.uk.mcas.ms%2Fnews%2Fincome-protection-sales-hit-a-record-247000-in-2023%2F%3FMcasTsid%3D20892%23%3A~%3Atext%3DData%2520from%2520the%2520ABI%2520showed%2Ccollecting%2520the%2520data%2520in%25202000.&amp;McasCSRF=2dced49f89dae3b4f4f01fc6c5f5e41ac44922935d54d0fe5581adc7e5dd3736\"><span data-contrast=\"auto\">247,000<\/span><\/a><span data-contrast=\"auto\"> in 2023, marking a 16% increase from the previous year and the highest level since data collection began in 2000.<\/span><span data-contrast=\"auto\"> Globally, the <\/span><a href=\"https:\/\/mcas-proxyweb.mcas.ms\/certificate-checker?login=false&amp;originalUrl=https%3A%2F%2Fwww.marketdataforecast.com.mcas.ms%2Fmarket-reports%2Fincome-protection-insurance-market%3FMcasTsid%3D20892&amp;McasCSRF=2dced49f89dae3b4f4f01fc6c5f5e41ac44922935d54d0fe5581adc7e5dd3736\"><span data-contrast=\"none\">income protection insurance market<\/span><\/a><span data-contrast=\"auto\"> is projected to grow from approximately USD 43.15 billion in 2024 to USD 54.66 billion by 2032, reflecting a compound annual growth rate of 3%. \u00a0 \u00a0\u00a0\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Yet, despite this progress, a significant protection gap remains. Only <\/span><a href=\"https:\/\/mcas-proxyweb.mcas.ms\/certificate-checker?login=false&amp;originalUrl=https%3A%2F%2Fwww.covermagazine.co.uk.mcas.ms%2Fnews%2F4062531%2Fself-employed-purchase-income-protection%3FMcasTsid%3D20892&amp;McasCSRF=2dced49f89dae3b4f4f01fc6c5f5e41ac44922935d54d0fe5581adc7e5dd3736\"><span data-contrast=\"none\">6%<\/span><\/a><span data-contrast=\"auto\"> of self-employed workers have an income protection product that they purchased themselves, compared to 16% of employees surveyed. Many of those who need IP most \u2013 such as self-employed tradespeople or gig economy workers \u2013 are discouraged by complex underwriting and eligibility requirements.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The growing demand presents a significant opportunity for insurers to reach this evolving market and increase revenue. Today\u2019s insurers must be equipped with agile, configurable core systems that empower them to easily configure existing products themselves and to quickly and seamlessly adapt and change as time goes on. Only an optimised, agile core system can empower insurers to overcome the hurdles and meet market needs.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-13280\" src=\"https:\/\/sapiens.com\/wp-content\/uploads\/2025\/02\/Income-Protection-2.png\" alt=\"\" width=\"2500\" height=\"833\" \/><\/p>\n<p><b><span data-contrast=\"auto\">Configurability: The Key to Meeting Consumer Demand<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">To capitalise on the growing IP market, insurers must be able to design, launch, and evolve products quickly, without long development cycles or reliance on third-party vendors. <a href=\"https:\/\/sapiens.com\/solutions\/life-and-pension-software\/\">Modern core systems<\/a> must enable insurers to configure and modify essential product components, including:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"5\" data-list-defn-props=\"{\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Policy term (fixed-age or defined-period coverage)<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"5\" data-list-defn-props=\"{\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Claim payment periods (short-term or long-term options)<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"5\" data-list-defn-props=\"{\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Deferred periods (multiple waiting periods to suit various customer needs)<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"5\" data-list-defn-props=\"{\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Escalation rates (automatic increases to align with career progression)<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"5\" data-list-defn-props=\"{\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Pricing &amp; commission structures (flexible pricing to suit varied demographics)\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"5\" data-list-defn-props=\"{\" aria-setsize=\"-1\" data-aria-posinset=\"6\" data-aria-level=\"1\"><span data-contrast=\"auto\">Reinsurance arrangements (customisable treaties and retention values)<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"5\" data-list-defn-props=\"{\" aria-setsize=\"-1\" data-aria-posinset=\"7\" data-aria-level=\"1\"><span data-contrast=\"auto\">Definition of income &amp; incapacity (tailoring policies for various occupational groups)<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">This level of configurability enables insurers to create personalised policies tailored to diverse consumer needs, including high-income professionals, freelancers, or renters seeking expenditure protection. Unlike traditional systems that require IT intervention for product adjustments, an intuitive, self-serve core system empowers insurers to launch and adapt policies independently, ensuring they stay ahead of market demands.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">The Future of Income Protection<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The IP sector, while still growing, has the potential to outpace critical illness cover in the coming years. As highlighted in <\/span><a href=\"https:\/\/mcas-proxyweb.mcas.ms\/certificate-checker?login=false&amp;originalUrl=https%3A%2F%2Fwww.moneymarketing.co.uk.mcas.ms%2Fanalysis%2Fincome-protection-new-business-premiums-set-to-overtake-critical-illness%2F%3FMcasTsid%3D20892&amp;McasCSRF=2dced49f89dae3b4f4f01fc6c5f5e41ac44922935d54d0fe5581adc7e5dd3736\"><i><span data-contrast=\"none\">Money Marketing<\/span><\/i><\/a><span data-contrast=\"auto\">, the industry is seeing a shift toward more customer-centric, value-driven policies. The Income Protection Task Force has also emphasised the need for greater awareness and accessibility, reinforcing the demand for innovative, scalable insurance solutions.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">One of the key drivers behind this shift is the ongoing cost-of-living crisis, which has made financial resilience a priority for individuals. With rising inflation and economic uncertainty, more people are recognising the need for income protection against unforeseen financial shocks. Insurers are responding by developing flexible and affordable IP products tailored to different demographics, from gig economy workers and freelancers to salaried employees in high-risk professions.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">For example, insurers are adapting policies to better support frontline workers, such as those in healthcare, education, and emergency services where long-term absences due to stress or injury are common. Some providers now offer enhanced cover for mental health-related claims, shorter deferred periods, and benefits like rehabilitation services and early intervention support.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The IP market is also offering more options for varying employment structures. Products now range from traditional full-term policies to shorter-term income protection, which provides coverage for a set period, making it a more affordable alternative.<\/span><span data-ccp-props=\"{\">\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-13282\" src=\"https:\/\/sapiens.com\/wp-content\/uploads\/2025\/02\/Income-Protection-3.png\" alt=\"\" width=\"2500\" height=\"833\" \/><\/p>\n<p><b><span data-contrast=\"auto\">Innovating Through Insurtech<\/span><\/b><span data-ccp-props=\"{&quot;335557856&quot;:16777215,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Insurtech innovations are also playing a role, with <a href=\"https:\/\/sapiens.com\/platform\/insurance-platform\/\">digital platforms<\/a> simplifying the underwriting process and improving accessibility for a wider audience. Advanced core systems enable insurers to streamline policy management, automate claims processing, and quickly adapt products to evolving customer needs. With regulatory bodies and industry groups advocating for greater education around income protection, the sector is poised for continued expansion. As awareness grows and policies become more adaptable, income protection is likely to become a staple in financial planning for both individuals and employers.<\/span><span data-ccp-props=\"{&quot;335557856&quot;:16777215,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">With economic uncertainty and the cost-of-living crisis, insurers must rise to the occasion. Those leveraging adaptable, AI-powered core systems like Sapiens <a href=\"https:\/\/sapiens.com\/solutions\/life-and-pension-software\/\">CoreSuite for Life &amp; Pensions<\/a> will lead the charge, offering IP products that are flexible, affordable, and aligned with today\u2019s workforce realities. Adaptability is not just an advantage \u2013 it\u2019s a necessity. <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Life has a way of bringing unexpected challenges that can shake your financial stability.\u00a0 Consider, for example, Andrew, a self-employed contractor who falls from scaffolding, leaving him unable to work for many months, with no employer sick pay.\u00a0 Or Lisa, a nurse and single mother, who is diagnosed with a chronic illness, compounded by sleepless [&hellip;]<\/p>\n","protected":false},"author":130,"featured_media":11442,"template":"","resourcestags":[347],"resourcesregion":[191],"lineofbusiness":[583],"class_list":["post-11441","resources","type-resources","status-publish","has-post-thumbnail","hentry","types-blog","resourcestags-core-technology","resourcesregion-emea-and-apac-english","lineofbusiness-life-pensions"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - 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