Life premiums sold both direct and through advisers have fallen over the past year, according to research house Rainmaker Information.

Direct premiums have fallen 7% since last year, with direct income protection premiums down 12% for a waiting period of 30 days and 13% for 90 days.

The only increase was in direct trauma premiums, up 7%.

Premiums fell 5% for life products sold through advisers; income protection premiums fell 7% for 30-day waiting periods and 5% for 90 days.

Rainmaker executive director of research David Gallagher says that as the market grapples with cost-of-living pressures and rising claim costs “insurers need to continue to prioritise driving value, innovation and efficiency to remain competitive and consumer-focused”.

He says life premiums sold through advisers are 29% cheaper than via direct channels, and trauma cover is 13% cheaper, proving there are scale benefits in buying cover through an adviser.

Advised income protection premiums are 37% cheaper.

The comparisons are based on premiums for a male non-smoker across various age bands and sums insured in the past five years.