The term assurance market is currently facing a number of challenges, the most important of which is how to raise the product’s appeal and, in turn, boost take-up. Vast swathes of the UK population remain underinsured or have no life cover at all, while new sales of term assurance have experienced two years of consecutive falls. Mintel’s report looks at whether the industry can turn around its fortunes in the short to medium term, and what it needs to do to achieve market sustainability and, ultimately, growth.
By drawing on a range of sources including industry sales data, trade research and Mintel’s own consumer survey findings, this report aims to shed light on the main issues shaping the market, including new regulation and changing demographic trends. The online survey additionally explores current ownership levels, product affordability and consumer attitudes towards protection insurance in general. It also identifies the likelihood of people experiencing certain lifestage events, which typically prompt the purchase of life insurance or prompt a review of existing cover, within the coming year.
