Stay ahead of the curve in the UK life insurance industry with Mintel’s UK Over-50s Acceptance Life Insurance Market Report. Featuring an analysis of market dynamics, what consumers want and why, and the latest innovation and marketing activity. The report provides the market intelligence you need to secure future growth in the over-50s life insurance industry.
Key Issues Covered in this Report
- Analysis of the market performance, including a five-year forecast.
- Market share of major players, competitive strategies and advertising initiatives.
- Overview of consumer ownership and interest in taking out over-50s life insurance.
- Examining the motivations and barriers to over-50s life insurance.
- Understanding the key factors that would encourage consumers to choose one provider over another.
- Attitudes towards over-50s life insurance.
UK Life Insurance Market Overview
The over-50s life insurance market saw a drop in sales amid the cost of living crisis. However, in 2023 it showed signs of recovery. According to the Association of British Insurers (ABI), new over-50s guaranteed acceptance life insurance policies increased by 8% as consumers started to feel more confident about their finances and inflation fell.
UK Over-50s Life Insurance Consumer Trends
Almost half of those who own over-50s life insurance or would consider taking out a policy say the main reason for buying it is to pay for the full cost of their funeral, while over a quarter want to cover this cost partially. This desire to cover funeral expenses highlights the competitive threat posed by prepaid funeral plans.
Interest in over-50s life insurance is higher among 50-54s. This can be attributed to existing coverage through other life insurance, such as term assurance, which will expire at some point. Over-50s life insurance can be positioned as an option for continued financial protection, providing an opportunity to target consumers who are already engaged with the sector.
Purchase the full report for a complete overview of the UK over-50s life insurance market, including consumer insights and competitive strategies making headway in the industry.
More About This Report
This Report examines the UK market for over-50s life insurance, a specific type of whole-of-life insurance, also referred to as guaranteed acceptance whole-of-life insurance or, simply, over-50s plans or guaranteed acceptance plans.
Policies are designed to pay out a fixed tax-free cash sum (or ‘benefit amount’) on death after a qualifying period (typically the first 12 or 24 months). However, most policies provide immediate cover for accidental death, and many will pay back premiums if the person dies for any reason other than accidental death during this qualifying period.
Cover is offered on a guaranteed acceptance basis, meaning no medical or health information is required, although the applicant usually needs to declare whether or not they smoke. They are typically designed for people aged between 50 and 80, although some providers have an upper age limit of 85 (eg Direct Line) and even 90 (eg OneFamily).
Expert Analysis from an Industry Specialist
This report, written by Stefania Apostol, delivers in-depth commentary and analysis to highlight current trends in the UK over-50s life insurance market.
Sales of over-50s life insurance returned to positive territory in 2023, while challenges persist, the ageing population presents opportunities for future growth.
Stefania Apostol
Innovation Analyst
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Executive Summary
- Opportunities for the over-50s guaranteed acceptance life insurance market
- Market dynamics and outlook
- Graph 1: volume and value of new guaranteed acceptance whole-of-life insurance business, ABI members , 2019-23
- What consumers want and why
- Graph 2: interest in over-50s life insurance and pre-paid funeral plan, 2022-23
- Graph 3: key factors when choosing an over-50s life insurance provider, 2023
- Innovation and marketing
- Graph 4: total above-the-line, online display and direct mail advertising expenditure on over-50s life insurance, 2019-23
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Market Dynamics
- Market size
- Graph 5: volume of new guaranteed acceptance whole-of-life insurance business, ABI members , 2019-23
- Graph 6: value of new guaranteed acceptance whole-of-life insurance business, ABI members, 2019-23
- Graph 7: average annual premium for new guaranteed acceptance whole-of-life insurance, 2017-23
- Market forecast
- Graph 8: value and volume of new over-50s guaranteed acceptance life insurance, 2007-15
- Channels to market
- Graph 9: distribution of new guaranteed acceptance life insurance contracts by sales channel, 2023
- Claims performance
- Graph 10: total value of claims paid and number of new claims paid for whole of life assurance, 2015-22
- Market share
- Macro-economic factors
- Graph 11: GDP, 2021-23
- Graph 12: CPI inflation rate, 2021-24
- Graph 13: The financial wellbeing index, 2016-24
- Graph 14: issues affecting consumers over the last two months, 2024
- Social, environmental and legal factors
- Graph 15: projected size of UK population, 2023-73
- Graph 16: average cost of a basic funeral in the UK, 2004-23
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What Consumers Want and Why
- Protection product ownership
- Graph 17: ownership of over-50s life insurance and pre-paid funeral plan, by age groups, 2023
- Graph 18: ownership of over-50s life insurance and related products, 2022-23
- Graph 19: ownership of over-50s life insurance and related products, by age groups, 2023
- Graph 20: number of over-50s life insurance policies owned, 2023
- Interest in over-50s life insurance
- Graph 21: interest in over-50s life insurance and pre-paid funeral plan, 2022-23
- Motivation for taking out over-50s life insurance
- Graph 22: main reasons for buying or considering over-50s life insurance, 2023
- Graph 23: selected main reasons for buying or considering over-50s life insurance, by product ownership, 2023
- Graph 24: main reasons for buying or considering over-50s life insurance, 2023
- Barriers to taking out over-50s life insurance
- Graph 25: main reasons for not having an over-50s life insurance policy, 2023
- Graph 26: selected reasons for not having an over-50s life insurance policy, by age groups, 2023
- Graph 27: selected reasons for not having an over-50s life insurance policy, by financial situation, 2023
- Over-50s life insurance incentives
- Graph 28: key factors when choosing an over-50s life insurance provider, 2023
- Graph 29: selected key factors when choosing an over-50s life insurance provider, by potential policyholders, 2023
- Over-50s life insurance – attitudes and behaviours
- Graph 30: attitudes and behaviours towards over-50s life insurance, 2023
- Graph 31: consumer agreement that it is better to put money aside than pay for over-50s life insurance, by product ownership and interest, 2023
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Innovation And Marketing Trends
- Competitive strategies and launch activity
- Advertising and marketing activity
- Graph 32: total above-the-line, online display and direct mail advertising expenditure on over-50s life insurance, 2019-23
- Graph 33: proportional distribution of above-the-line, online display and direct mail advertising expenditure on over-50s life insurance, by media type, 2021-23
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Appendix
- Supplementary data
- Market forecast data and methodology
- Report scope and definitions
- Methodology
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