Whole of Life Insurance - UK - July 2014
“Funeral price inflation, coupled with the continued squeeze on household finances, is posing a challenge in the over-50s market. Guaranteed acceptance plans offering increasing premiums can help mitigate the uncertainty over the real value of policyholders’ future payouts. However, the key demographic faces the risk of not being able to afford to pay rising premiums, leading to a loss in cover and potentially negative publicity for the industry.”
– Chryso Kolakkides, Senior Financial Services Analyst
This report looks at the following issues:
- Over-50s product reputation harmed by perceived poor value for money
- Guaranteed acceptance plans face the challenge of rising funeral costs
- Increasing premiums to tackle inflation can undermine consumers’ affordability of the product
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