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UK Protection Insurance 2018: Term and Whole of Life

UK Protection Insurance 2018: Term and Whole of Life

  • April 2018
  • 45 pages
  • ID: 4978305
In this report:
GROSS ADVANCES ROSE BY ##.##% IN 2013, ##.##% IN 2014, ##.##% IN 2015, AND ##% TO £##BN IN 2016 ACCORDING TO THE BUILDINGS SOCIETIES ASSOCIATION.
HOWEVER, THE INDEPENDENT FINANCIAL ADVICE (IFA) CHANNEL IS THE CLEAR WINNER, UP ##.##% YEAR-ON-YEAR AND ACCOUNTING FOR ##.##% OF TOTAL MARKET GROWTH IN TERMS OF NEW CONTRACTS IN 2017.

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UK Protection Insurance 2018: Term and Whole of Life

Brief

The UK life protection insurance market for regular individual premiums grew in 2017, driven by growth of the term assurance market despite the whole-of-life market declining.Term market increase was primarily due to increased sales of non-mortgage term assurance policies by independent financial advisors, although sales in the direct channel are also growing, reflecting demand to purchase life insurance online.

Underwritten whole-of-life policies continue to be sold by independent advisors, while guaranteed acceptance over-50s products are sold direct without advice. Inheritance tax liability is seen as an opportunity to sell whole-of-life cover, with some insurers launching targeted advisor-sold policies to capitalize upon this.

This industry report discusses the term assurance and whole-of-life insurance markets, looking at market value with regards to changes in contracts and premiums.The scope of this report includes the industry for individual regular premiums only, concentrating on the principal market for all types of consumers seeking their own cover.

It highlights how products are distributed, and the principal market players and their propositions. It offers 5-year forecasts of market size in premiums to 2022, and discusses how the sector, distribution, and products offered are likely to change in future.

Overview

- Total protection premiums reached £728.7m in 2017, exhibiting growth of 8.40 percent for the year. Term premiums reached £540.8m following 13.50 percent year-on-year growth to 2017, whereas whole-of-life premiums shrank by 1.80 percent to £96.3m.

- The protection market is dominated by a few main players. Legal & General holds the most important share of the term market (32.60 percent), whereas SunLife holds the biggest proportion of the whole-of-life market (39.10 percent).

Great reasons to purchase

- Comprehend the future of life insurance products and the services that are vital to implement. This includes engaging in health and wellbeing, personalizing policies, providing customers with rewards and benefits, and improving underwriting and claims processes.

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