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UK Protection Insurance 2018: Term and Whole of Life

UK Protection Insurance 2018: Term and Whole of Life
The UK life protection insurance market for regular individual premiums grew in 2017, driven by growth of the term assurance market despite the whole-of-life market declining. Term market growth was primarily due to increased sales of non-mortgage term assurance policies by independent financial advisors, although sales in the direct channel are also increasing, reflecting demand to purchase life insurance online. Underwritten whole-of-life policies continue to be sold by independent advisors, while guaranteed acceptance over-50s products are sold direct without advice. Inheritance tax liability is seen as an opportunity to sell whole-of-life cover, with some insurers launching targeted advisor-sold policies to capitalize upon this.
This report discusses the term assurance and whole-of-life insurance markets, looking at market size with regards to changes in contracts and premiums. The scope of this report covers the market for individual regular premiums only, concentrating on the main market for all types of consumers seeking their own cover. It highlights how products are distributed, and the main market players and their propositions. It provides five-year forecasts of market size in premiums to 2022, and discusses how the market, distribution, and products offered are likely to change in future.
Scope
- Total protection premiums reached £728.7m in 2017, exhibiting growth of 8.4% for the year. Term premiums reached £540.8m following 13.5% year-on-year growth to 2017, whereas whole-of-life premiums shrank by 1.8% to £96.3m.
- The protection market is dominated by a few key players. Legal & General holds the largest share of the term market (32.6%), whereas SunLife holds the largest proportion of the whole-of-life market (39.1%).
Reasons to buy
- Understand the future of life insurance products and the services that are vital to implement. This includes engaging in health and wellbeing, personalizing policies, providing customers with rewards and benefits, and improving underwriting and claims processes.
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