In association with Iress, we have analysed a large dataset of income protection (IP) applications which has enabled us to build a clear and comprehensive picture of today’s IP customer. By examining patterns over time, we can better understand who is currently purchasing protection, their needs and motivations, and how these have evolved alongside broader demographic and economic changes.
Profile of an IP Customer Series
Importantly, this analysis not only highlights the characteristics of those who are accessing income protection, but also helps identify segments of the market that remain underserved. Understanding both groups provides valuable insight into the protection gap and the barriers preventing more people from securing financial resilience.
These findings offer an opportunity for the industry to reflect on how effectively current products and propositions meet the needs of a changing population. By applying these insights to product and proposition design and development, we can play a key role in reducing the protection gap and ensuring more individuals and families have access to the financial security income protection can provide.
2026
3rd Edition - New!
Maximising the Market
In partnership with Iress, we are pleased to share the third edition of the Profile of an IP Customer report, building on two years of market insight with an even broader evidence base of nearly 55,000 applications.
This report gives us a valuable view of how the personal Income Protection market continues to evolve, where momentum is building, and where important gaps still remain. The findings are encouraging, with overall applications up 7% in 2025 and continued growth in both standalone and multi-benefit Income Protection.
2026
Data Spotlight
The Term Split and the Missed Opportunity
We are seeing a record number of IP policies being sold as part of multi-benefit menu plans. But are we really maximising the market, or are there still gaps and opportunities hiding just beneath the surface?
To find out, we needed to look at what drives a Term Life sale in the first place – which led to the question – what is the split of Term Life business between Level and Decreasing Term, and how does IP fit into those specific journeys?
2025
2nd Edition
Evolving the profile
Building on last year’s insights, this report delves deeper into the evolving dynamics of IP sales, incorporating fresh data from 2024 and broadening the scope to include policies sold as part of multi-benefit solutions.
This year, our analysis is more comprehensive than ever, drawing on over 50,000 applications to uncover emerging trends, demographic shifts and the growing importance of financial resilience.
2025
Data Spotlight
Spotlight on business IP
Business Income Protection is one of the most undersold yet critically important areas in the protection market today. While personal IP has seen encouraging growth, business IP remains a largely untapped opportunity.
This report highlights the rising demand, the evolving profile of those purchasing Business IP, and the strategic role it plays in ensuring business continuity, employee wellbeing, and long-term financial resilience.
2024
1st Edition
Preferences and Needs
In recent years, the landscape of income protection insurance has undergone a significant transformation, marked by a noticeable increase in sales and a shift in demographic interest towards younger generations.
In this report, we construct an updated profile of the IP customer today resulting in rich insight into where the growth is coming from and what type of people are buying what types of policies.
What does the Industry Say?
Don’t just take it from us – see what advisers and providers say about the insights in our Profile of an IP Customer reports
“The latest Profile of an IP Customer report reveals fascinating insights into the shifting landscape of Income Protection. With IP sales reaching record highs, it’s clear that more people are prioritising financial resilience. But who is buying, and why?”
Carly Gibb, Sesame Bankhall Group
“Huge well done on this report – it’s in fantastic! You should be really proud of where IPTF is going and the impact it’s having on the market.”
Louise Colley, Zurich
