Whole of Life Insurance - UK - November 2010
- In terms of new business, it’s a story of two halves. The non-linked (mainly guaranteed acceptance plan) market is faring very well, with sales having risen strongly over the past five years.
- Demand for unit-linked policies has fallen due to changes to the IHT rules benefiting married couples and civil partners, and reduced adviser support.
- Demand for guaranteed acceptance plans will continue to increase, because of factors such as an expanding over-50s population and rising funeral costs.
- Online sales are also set to grow strongly, as broadband take-up among the target market increases and as more web aggregators cover the market.
- Less than half (45%) of UK over-50s have life cover. However, there is significant consumer confusion over the type of policy owned, with 15% not sure whether they have a whole-of-life or term policy.
- There is huge scope to expand the guaranteed acceptance plan market, by taking advantage of new distribution opportunities (eg bancassurers and web aggregators) and the potential to link-up with other products (eg funeral plans, will writing services, packaged current accounts).
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