Stay ahead of the curve and secure future growth for your business with Mintel’s UK Term Assurance Market Report. Get a 360° view of the UK term assurance market including market size, share and forecasted growth to help you align your business strategy with the needs of your audience.
Term assurance is one of the largest sectors in the protection industry, by value and number of policyholders. It is also a mature market that is experiencing minimal growth. Since 2021, when annual sales peaked at 1.71 million, the volume of new individual contracts has fallen. The main contributors to this decline are cost-of-living pressures and a downturn in the UK mortgage market, but also shrinking supply as more brands withdraw from the market.
New policy sales are expected to fall again in 2024. However, there are signs that we are nearing the bottom and a recovery is on the horizon. Lenders have already begun to lower mortgage rates in anticipation of base-rate cuts, and inflationary pressures continue to ease. Elevated house prices will, though, continue to stretch mortgage affordability, meaning conditions will remain tough for a while yet. Therefore, a slow and steady recovery is expected from 2025 onwards, rather than an imminent and rapid turnaround.
Over the longer term, prospects for the market are more positive, with opportunities to expand take-up through the delivery of simplified, low-cost products, and flexible/pick-and-mix solutions. Tw0-thirds of UK of adults do not have any life insurance, of whom around a quarter would consider taking out a policy.
Purchase the full report for a complete overview of the UK term assurance market, including market dynamics and comprehensive analysis from Mintel’s industry experts. Readers of this report may also be interested in Mintel’s UK Over-50s Guaranteed Acceptance Life Insurance Market Report.
This report is written by Sarah Hitchcock. Sarah has worked for Mintel since 2001, initially as a member of the UK Financial Services team before turning freelance and taking up the role of an associate consultant. As a finance specialist, she works across the full range of UK banking, insurance, investment and pension report titles.
Two thirds of adults have no life cover, despite considerable interest among the non-insured. Providers must tackle inertia to substantially boost take-up.
Sarah Hitchcock
Associate Consultant – Financial Services
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
Access high-quality market research with every purchase of Mintel’s consumer reports. Here’s what else is included in your report purchase:
From consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out more£ 5,000 – £ 21,600
Mintel’s 2024-25 Global Outlook on Sustainability: A Consumer Study is designed to help you understand what brands and companies should prioritise in order to educate consumers and ensure...
Find out more£ 2,195
The health insurance market is relatively shielded from macroeconomic challenges, such as the cost of living crisis, with higher-income consumers accounting for a majority of total ownership. However,...
Find out more£ 500
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 ...
Find out more£ 500
An overview of the key innovations in the income protection market. Stefania Apostol, Senior Financial Services Analyst ...
Find out more£ 500
A compilation of political, economic, social and legal factors impacting the income protection market. Stefania Apostol, Senior Financial Services Analyst ...
Find out more£ 2,195
Pet insurance remains resilient despite rising premiums Rising veterinary costs, along with broader inflationary trends, have forced insurers to increase premiums. Despite this, and the wider effects of the...
Find out more
Mintel helps us when we want to know something quickly – it provides fast answers to our questions. If we need to get a view of what’s going on in a particular market it’s very useful.
When carrying out background research, I find Mintel an excellent starting point.
The fact that it covers so many markets is a big plus for me– instead of having to buy specialist products in each area we are interested in, especially when we only require a brief view on a particular market, we can go to Mintel for help as a one-stop shop. I find Mintel a useful and valuable resource.
Mintel is really good for getting a handle on a particular category quickly. If we are working on a new business pitch in an area we don’t have much experience in, it’s a brilliant way to get up to speed with what’s going on, what’s changing and what the key trends are in any category.
It’s very rare now that anyone will plough through a 200-page report – that’s why the summaries are really useful. We know they are backed up by a lot of detail, so if you need to go into something in more depth you know the information will be all there for you.
We use Mintel Reports, mostly for financial services and ecommerce markets, plus a few retail and technology ones.
As a leading payments provider, we value additional insights into consumer behaviour, opinions and trends that are shaping the many different markets we operate in. Mintel is a very good and very quick way for us to obtain those insights.
We use Mintel to get a view on where a particular market is going, which can support us in product development and help us identify opportunities or indeed risks, it is a very useful barometer of a market’s potential.
One of the biggest challenges we face is the need to get smart on a business or category real quick.
We are talking to clients who live and breathe their category every day and the expectation is that we will be able to get caught up very quickly, and bring the thinking that can help them.
We need to do that often in a matter of days, so it’s not a small ask. Mintel gives us a very articulate view of category conditions and does so at the speed we need it.
We use Mintel to inform our thinking and reinforce strategy. If you’re presenting new ideas, it’s essential they are underpinned by robust data and evidence, and clearly rooted in fact.
Mintel gives us all that. It’s a great brand and one that is trusted by clients.
From consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out more
