UK Over-50s Guaranteed Acceptance Life Insurance Market Report 2020
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The UK Attitudes Towards Funeral Planning market research report identifies funeral planning industry analysis, funeral costs, and life insurance providers in the UK. The UK Attitudes Towards Funeral Planning Market report covers the market size, market forecast, market segmentation and industry trends for the Funeral Planning market in the UK.
Current Market Landscape
The government’s raft of social-distancing measures introduced in March 2020 saw funerals subjected to heavy restrictions to minimise transmission, with caps on attendees persisting into 2021. This saw funeral planning becoming much smaller scale and reduced the average spend, limiting the growth in the sector despite the surging death rates.
2020 also saw a downturn in sales of new pre-paid funeral plans, both thanks to people’s changing priorities and negative perception of the sector. However, there was also a rise in aftercare services and memorial services held at a later date.
Future Market Trends in Funeral Planning
As social-distancing measures lessen, funerals will undoubtedly become a bigger event once again. However, the lower costs associated with new consumer preferences for more paired-back events will put further pressure on operators. Savings built up during the pandemic could also mean that people are less inclined to take out pre-paid plans or over-50’s life insurance products.
UK funeral planning and funeral service providers must now be more innovative with their basic plans, as well as giving these lower-cost solutions a greater focus in their marketing communication. This could include showcasing their direct funeral options, but brands can also build plans that sit between these most basic funerals and their current propositions.
Read on to discover more details or take a look at all of our UK Lifestages market research.
Services: Over-50’s life insurance, funerals, pre-paid funerals, cremations, burials, natural burial, human composting, water cremation, coffins.
Brands: Co-op, Dignity, Farewell, Environmental Stewardship Group, Loop, Pure Cremation.
This report, written by George Zaborowski, a leading analyst in the Financial Services sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
COVID-19 has ended two years of healthy growth in the over-50s life insurance market; however, the market should recover quickly. A sharp drop-off in new business subsided in the second half of 2020, and Mintel research suggests that the pandemic is motivating people to think more about their life insurance options. Although economic conditions will remain challenging in the near-to-mid-term, the simplicity and low cost nature of the product will continue to appeal. Longer-term growth will be fuelled by the ageing population and innovation to improve flexibility in areas such as premium payments and protected payouts.
George Zaborowski
Senior Financial Services Analyst
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 databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
*databooks not available with UK B2B Industry reports.
Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.