2024
9
UK Income Protection Market 2024 | Focus: Consumer
2024-05-16T15:03:41+01:00
REP2F94E388_054C_42DA_ACF9_78AEDFF74FBB
500
173037
[{"name":"Insurance","url":"https:\/\/store.mintel.com\/industries\/finance\/financial-services\/insurance"}]
Report
en_GB
An analysis of consumer behaviour in income protection, including ownership, key target groups, evolving needs and motivations, and opportunities and threats. Stefania Apostol, Senior Financial Services Analyst…

UK Income Protection Market 2024 | Focus: Consumer

£ 500 (Excl.Tax)

Report Summary

Mintel’s Focus Reports extract and analyse key information and data to provide a condensed and insightful report on the topics that matter to you and your business. This report covers the UK income protection insurance consumer, if you are interested in learning more about the UK income protection market, use the navigation at the top of this page to browse other Focus Reports on the subject.

UK Income Protection: Consumer

Delve into the patterns of consumer behaviour in income protection with Mintel’s UK Income Protection Consumer Focus Report. The report outlines ownership trends, drills down into specific target groups, pinpoints the changing needs of consumers, and uncovers untapped opportunities in the market.

 

Key points covered include:

  • The rising trend of income protection ownership in the UK
  • How ownership rates differ between consumer groups.
  • Potential growth opportunities with private renters and parents showing a keen interest in income protection.
  • The increasing importance of health and wellbeing benefits.
  • Learn why comprehensive policies that focus on parent and child cover are highly valued among young families.

This report is an invaluable resource for those seeking insight into the UK income protection market. It spotlights growth opportunities, key target groups and emphasises the importance of staying in sync with the evolving needs of the consumer. Stay ahead of the curve by gaining in-depth knowledge on income protection consumer behaviour.

Meet the Expert

This report, written by Stefania Apostol, a senior financial services analyst at Mintel, delivers in-depth commentary and analysis of the UK income protection insurance consumer.

This focus report contains an analysis of consumer behaviour in income protection, including ownership, key target groups, evolving needs and motivations, and opportunities and threats.

Stefania Apostol - Financial Services Analyst

Stefania Apostol
Senior Financial Services Analyst

Table of Contents

    • Where are we now
    • What’s next
    • Mintel’s perspective
  1. Protection insurance ownership

    • Ownership of protection insurance is resilient
    • Graph 1: protection insurance ownership, 2023-24
    • Income protection ownership increases
    • Income protection ownership skews towards affluent consumers…
    • Graph 2: income protection ownership, by household income, 2024
    • Graph 3: income protection ownership, by socioeconomic groups, 2024
    • … and mortgage holders
    • Graph 4: income protection ownership, by housing situation, 2024
    • Parental concerns drive sales
    • Graph 5: income protection ownership, by family situation, 2024
    • Ownership of income protection significantly increases among those with multiple types of protection insurance
  2. Target group opportunities

    • Rising interest in income protection offers an opportunity for growth
    • Private renters and parents show strong interest in income protection
    • Almost half of private renters are interested in income protection
    • Greater understanding is key to engaging renters
    • Highlight the benefits of income protection to further engage parents of under-18s
    • Graph 6: consideration of income protection, by family situation, 2024
    • Address scepticism among the self-employed to increase consideration
    • Low interest in income protection among the self-employed…
    • Graph 7: consideration of income protection, by employment, 2024
    • … due to scepticism and perceived irrelevance
  3. Changing needs and motivations

    • Health and wellbeing benefits are increasingly important
    • Health and wellbeing support is highly valued…
    • …due to concerns over healthcare accessibility
    • Dental cover has strong appeal…
    • …offering providers an opportunity to enhance the attractiveness of income protection policies
    • Young families value comprehensive policies
    • Parents with children under 18 are increasingly recognising the importance of income protection…
    • … and they would be willing to pay more for comprehensive policies
    • Graph 8: ‘parent and child cover’ as additional benefit worth paying more for as part of an income protection policy, by family situation, 2024
    • Non-professional sources of information are the most popular
    • Preference for non-professional sources of information clashes with adviser-led distribution
    • PCWs are the most popular source of information
    • Despite their importance, financial advisers are not the primary source for income protection information
    • Leverage social media to engage younger demographics
    • Graph 9: social media as source of information on income protection, 2024
  4. Opportunities and threats

    • Knowledge and understanding
    • Help consumers understand protection products
    • Most respondents have a good understanding of the basic aspects of income protection…
    • Graph 10: understanding of income protection*, 2024
    • … but there is still a need to increase understanding
    • Younger generations are most in need of product education
    • Graph 11: false statements about income protection selected as true, by generation, 2024
    • Budget policies could address the cost barrier
    • Affordability is one of the main barriers to income protection
    • Graph 12: barriers to income protection ownership, 2024
    • Opportunity to market budget policies to Younger Millennials
    • A need for greater financial resilience
    • Most Brits would worry about financial security if they were unable to work
    • Private renters are more concerned about their financial stability
    • The cost of living crisis continues to impact consumers’ financial resilience
    • Younger generations’ reliance on State support may deter them from seeking adequate protection
    • Graph 13: agreement with the statement ‘I trust the State to support me/my family if I become too ill to work’, by generation, 2024
  5. Appendix

    • Methodology
    • Consumer research methodology
    • CHAID analysis – methodology data
    • Income Protection – UK – 2024

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

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2024 Sample Consumer Cover

Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

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