Whole of Life Insurance - UK - June 2016
“The growth experienced in 2015 is an encouraging sign for a market that has been in decline since 2011. With an ageing population and the ever increasing cost of funerals, the guaranteed acceptance market should be well placed to benefit from these concerns. However, insurers will need to continue to innovate and bring new benefits to their policies to ensure the market doesn’t lose out to competing products and remains relevant to its target market.”
– Scott McDonald, Financial Services Analyst
This report looks at the following areas:
- Tackling issues of fairness and value could result in added complexity with over-50s life insurance market
- A focus on funeral costs could be limiting the reach of over-50s life insurance
With the rising cost of funerals, guaranteed acceptance policies offer peace of mind to the over-50s, allowing them to ensure that when they pass away they will not burden their family with funeral expenses. With the target market set to grow, driven by the ageing population, guaranteed acceptance policies are expected to see a resurgence in sales. At the same time, providers within the underwritten whole of life insurance market are looking at ways of widening the appeal of the product with the addition of long-term care options.
Competition in the guaranteed acceptance market has been increasing in terms of pricing and product developments. Newer entrants such as Royal London and British Seniors have sought to establish a position within the market by offering new benefits, resulting in incumbent providers re-evaluating the products they offer in an effort to remain competitive. Scrutiny from consumer organisations has also prompted providers to look at developing products and additional features to address some of the criticism that has been levelled at the guaranteed acceptance plan market in the past.
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