UK Term Assurance market report
Everything you need to make the right decisions
Providing the most comprehensive and up-to-date information and analysis of the Term Assurance market, and the behaviours, preferences and habits of the consumer.
Mintel has the answers you’re looking for
What are the key challenges facing the industry and how fast are its rates of growth? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
Products covered in this Report
This Report examines the UK market for individual term assurance.
- Term assurance – is a common type of life insurance policy, providing cover for a limited period and hence will only pay out if the policyholder dies within that term or, in the case of some policies, is diagnosed with a terminal illness.
- mortgage term – where the sum insured is directly linked to an outstanding mortgage balance; most policies are arranged on a decreasing term basis (see below)
- other term – where the sum insured is not linked to a mortgage but is determined by the policyholder based on their outgoings.
- level term – where the sum insured remains the same over the duration of the policy term
- decreasing term – where the sum insured decreases over the term, thereby reducing the cash payout the longer the term runs; policies tend to be cheaper than for level term.
The market comprises two distinct product segments:
Products are more usually classified according to whether they provide level or decreasing cover:
Although the focus of this Report is on term life insurance, reference is also made to other related products, such as critical illness cover and whole-of-life insurance. For definitions of these, see the Appendix.
Expert analysis from a specialist in the field
Written by Sarah Hitchcock, a leading analyst in the Financial Services sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Life insurers are working hard to engage consumers and broaden the appeal of their products. Despite their best efforts, large swathes of people still have no life cover, and yet Mintel’s research shows there is considerable latent demand among the non-insured. Substantially increasing product take-up – by effectively nudging more individuals to buy cover – must therefore remain a key industry objective.
Senior Financial Services Analyst
What you get
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.
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.
Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
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.
Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
Why buy from us?
Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.
Buy now and you'll have instant access to the information you need to make the right decisions.
Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.
A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.