Life protection product sales rise as more put money aside for a rainy day

SALES of life protection products have risen by as much as 20% in the first three months of this year as the recession encourages people to put money aside for a rainy day.

The figures come from the independent Irish financial services broker network Citadel Financial Advice and relate solely to serious illness insurance.

New business levels in the rest of the life insurancesector dropped by nearly 29% in the first quarter of the year, on a year-on-year basis. According to Citadel, the reasoning behind demand for serious illness cover bucking the trend surrounds consumer habits in recessionary times.