Term Assurance - UK - June 2019
What you need to know
The term assurance market has experienced a period of inconsistent growth in recent years; however, 2018 marked the third successive year of growth in terms of sales of new contracts. This growth can largely be attributed to the non-mortgage related market with non-advised direct to consumer policies increasing in popularity. Policies linked to a mortgage have experienced little growth, with people shunning the traditional route of arranging a policy with their mortgage adviser. Consumers are favouring faster life insurance applications, although this may come at a cost for those with ongoing conditions, or who are looking for a more personalised experience.
“Faster and simpler applications have made term assurance more appealing. However, the growth of direct to consumer products means that there needs to be a shift in the way that providers target new customers. Those with specific insurance needs or ongoing conditions need to be made aware that they have options, while the introduction of products to different segments, such as parents or renters, with specific benefits attached can help to improve its relevance.”
– Douglas Kitchen, Financial Services Analyst
This report examines the following issues:
- Providers have an opportunity to re-engage with the mortgage market
- Greater segmentation can give life insurance a more relevant feel
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