Mintel’s research identifies around 3.4 million prospective life insurance customers. These are people who do not currently have a policy, but who say they might consider arranging one within the next 12 months. There is clearly good potential to expand the market by promoting simple, affordable and flexible solutions, which will appeal to these market prospects.

1. Term Assurance - UK - June 2013
Mintel’s research identifies around 3.4 million prospective life insurance customers. These are people
who do not currently have a policy, but who say they might consider arranging one within the next 12 months.
There is clearly good potential to expand the market by promoting simple, affordable and flexible solutions,
which will appeal to these market prospects.
table Of Content
introduction
report Scope And Market Definition
abbreviations
executive Summary
the Market
standard Model Predicts Slow Premium Growth
figure 1: Forecast Of Total New Individual Term Assurance Premiums, At Current Prices – Fan Chart,
2007-17
recent Performance
market Factors
greater Regulation And Mixed Economic Backdrop
rising Claims Costs
changing Homeownership Trends
company, Brands And Innovation
a Concentrated Market
figure 2: Market Shares Of The Top Five Providers Of Individual Term Assurance, Based On Volume Of
New Sales, 2012
product Innovation
advertising Activity
distribution Trends
the Consumer
overall Penetration Of Life Cover
figure 3: Segmentation Of Uk Adult Population, By Life Insurance Provision, March 2013
ownership Of The Main Policy Types
figure 4: Ownership Of Life Insurance And Related Protection Products, March 2013
main Reasons For Eschewing Cover
figure 5: Top Eight Reasons For Not Having Life Insurance, March 2013
sources Used Or Consulted Before Purchase
Term Assurance - UK - June 2013

2. figure 6: Sources Used/consulted To Help Select Policy/provider, March 2013
factors Influencing Policy Choice
figure 7: Factors Influencing Policy Selection, March 2013
general Attitudes Towards Protection Insurance
identifying New Prospects
what We Think
issues In The Market
what Are The Short-term Prospects For Life Insurers?
what Impact Are Online Aggregators Having On This Market?
why Do More Than Half The Population Eschew Cover?
how Can Providers Broaden The Appeal Of Term Assurance?
what Is The Argument For A Simple Life Cover Product?
will The Average Premium Continue To Fall?
trend Application
trend: Help Me Help Myself
trend: Let’s Make A Deal
2015: Brand Intervention
market Drivers
key Points
life Insurance Industry Is Shaped By A Broad Range Of Factors
recent And Forthcoming Regulation, Legislation And New Initiatives
tough Economic Backdrop Has Mixed Implications For Insurers
depressed Housing Market Hampers Growth In The Mortgage Term Sector
the Privately Rented Sector Continues To Expand
figure 8: Uk Housing Stock, By Tenure, 1991-2011
housing Transactions Continue To Run Well Below Pre-crisis Levels
figure 9: Number Of Uk Residential Property Transactions With A Value Of £40,000 Upwards –
Seasonally Adjusted, Q1 2007-q4 2012
2012 Saw Modest Growth In First-time Buyer And Home Mover Loans
figure 10: Number Of Loans For House Purchase, By Type Of Borrower, 2007-12
average Sums Assured Linked To Mortgage Advances
figure 11: Average Sum Insured For New Term Assurance Policies Versus Average First-time Buyer
Advance, 2003-12
assumptions Are Based On Mortality Rates
figure 12: Number Of Deaths In England And Wales, By Age And Gender, 2011
increasing Longevity Has Helped To Alleviate Pressure On Premiums
figure 13: Period Life Expectancy From Birth For Men And Women, 1985-2035
Term Assurance - UK - June 2013

3. people Are Living Longer, But Not Necessarily In Good Health…
… Leading To Rising Claim Costs On Protection Policies
competitor Products
key Points
more Than Half Of All Uk Adults Have No Form Of Life Cover
figure 14: Segmentation Of Uk Adult Population, By Life Insurance Provision, March 2013
death-in-service Benefit Should Be View As A Supplementary Rather Than Alternative Option
there Are More Whole-of-life Than Term Policies In Force
figure 15: Number Of Individual Protection Policies In Force, By Type, 2011
some 45% Of New Mortgage Term And 35% Of Protection Term Assurance Sales Included Critical Illness
Cover In 2012
figure 16: Critical Illness Rider Benefits As A Proportion Of New Individual Term Assurance Business,
2008-12
market Swot Analysis
figure 17: Term Assurance Market – Strengths, Weaknesses, Opportunities And Threats, 2013
who’s Innovating?
key Points
slowdown In Product Development
bgl Subsidiary Launches Direct-only Life Cover
direct Life Develops Universal Application For Protection Advisers
providers Start To Add Protection Products To Adviser Platforms
market Size And Forecast
key Points
business In Force
sales Of Term Assurance Were Up 5% In 2012…
figure 18: New Individual Term Assurance Sales And Average Annual Premium, 2008-12
… Driven Mainly By A Strong Rise In Protection Term Business…
figure 19: Volume Of New Individual Regular-premium Term Assurance Policy Sales, By Policy Type,
2008-12
… Where The Average Cost Of A New Policy Continues To Fall
figure 20: Average New Premium – Mortgage Term Versus Protection Term, 2008-12
slow Premium Growth Forecast
figure 21: Forecast Of Total New Term Insurance Premiums, At Current Prices – Fan Chart, 2007-17
figure 22: Forecast Of New Individual Critical Illness Premiums, At Current And Constant Prices, 2008-17
forecast Methodology
Term Assurance - UK - June 2013

4. fan Chart Explanation
market Share
key Points
legal & General Strengthens Its Market-leading Position
figure 23: Top Five Providers Of Individual Term Assurance, By Sales Volumes, 2012
companies And Products
legal & General
figure 24: Key Financial Data For Legal & General, 2011-12
aviva
figure 25: Key Financial Data For Aviva Plc, 2011-12
lbg And Scottish Widows
figure 26: Key Financial Information For Lbg’s Insurance Division, 2011-12
friends Life
figure 27: Key Financial Data For Friends Life, 2011-12
royal London Group (scottish Provident And Bright Grey)
figure 28: Key Financial Information For Royal London Group, 2011-12
brand Communication And Promotion
key Points
above-the-line Advertising On Life Insurance Products Is Fairly Limited
figure 29: Total Advertising Expenditure On Life Assurance Products, By Product Category, 2009-13
aviva Is Once Again The Leading Advertiser Of Term Assurance
figure 30: Top Ten Advertisers Of (term) Life Insurance Products, 2011-13
tv, Direct Mail And Online Account For The Majority Of Adspend
figure 31: Advertising Expenditure On (term) Life Insurance Products, By Media Type, 2011-13
channels To Market
key Points
most Term Assurance Business Is Sold With Advice
ifas Wrestle Share Of The Mortgage Term Market Away From Tied Advisers
figure 32: Mortgage Term Assurance Premiums, By Distribution Channel, 2008-12
ifas Enjoy An Even Greater Share Of The Protection Term Sector
figure 33: Protection Term Assurance Premiums, By Distribution Channel, 2008-12
ownership Of Life Insurance And Related Protection Products
key Points
Term Assurance - UK - June 2013

5. survey Background
having Dependents And A Mortgage Increases The Attraction Of Life Cover…
figure 34: Ownership Of Life Insurance, By All Adults, Those With Children And Mortgage Holders, March
2013
… And Similarly, Critical Illness Cover
figure 35: Ownership Of Related Protection Insurance Products, By All Adults, Those With Children And
Mortgage Holders, March 2013
nearly One In Three Term Assurance Policyholders Also Have Critical Illness Cover
figure 36: Ownership Related Protection Products, By Term Life Insurance Policyholders, March 2013
take-up Of Life Cover Is Highest Among Those Aged 35-54
figure 37: Ownership Of Life Insurance And Related Protection Products, By Age, March 2013
the Typical Term Assurance Policyholder
sources Consulted Prior To Purchase
key Points
most Policyholders Consulted An Adviser Before Purchase
figure 38: Sources Used/consulted To Help Select Policy/provider, By Type Of Policy Held, March 2013
younger Adults Are More Likely To Turn To Web Aggregators And Social Networking Sites
figure 39: Sources Used/consulted To Help Select Policy/provider, By Age, March 2013
factors Influencing Purchase
key Points
price Governs Policy Selection
figure 40: Factors Influencing Policy Selection, By Type Of Policy Held, March 2013
only A Minority Are Influenced By Presence On Price Comparison Site
take-up Barriers
key Points
cost Is The Top Barrier To Take-up
figure 41: Reasons For Not Having Life Insurance, March 2013
a Minority Avoid Cover Due To Health Concerns
parents And Renters Are Least Able To Afford Cover
figure 42: Reasons For Not Having Life Insurance, By Presence Of Children In Household And Tenure,
March 2013
how Age Factors Into The Equation
figure 43: Reasons For Not Having Life Insurance, By Age, March 2013
attitudes Towards Life Insurance
key Points
Term Assurance - UK - June 2013

6. most People Appreciate The Need For The Cover...
figure 44: Agreement With Statements About The Importance And Relevance Of Life Insurance, March 2013
... Particularly Those Who Have It
figure 45: Agreement With Statements About The Importance And Relevance Of Life Insurance, By
Ownership Of Life Insurance, March 2013
two Thirds Of Uk Adults Believe That It’s Easy To Arrange Insurance Online
figure 46: Agreement With Statements About Ease Of Arranging Cover And Product Flexibility, March 2013
two Thirds Of Uk Adults Believe That It’s Easy To Arrange Insurance Online
figure 47: Agreement With Statements About Ease Of Arranging Cover And Product Flexibility, By
Ownership Of Life Insurance, March 2013
upcoming Lifestage Events And Insurance Purchase Intentions
key Points
important Lifestage Events Facilitate The Need For The Cover
figure 48: Lifestage Events And Insurance-related Plans Within The Next 12 Months, March 2013
over 3 Million New Prospects
figure 49: Lifestage Events And Insurance-related Plans Within The Next 12 Months, By Most Popular
Ownership Of Life Insurance, March 2013
appendix – Definitions And Industry Regulation
main Types Of Life Insurance
other Long-term Protection Policies
short-term Insurance Protection Policies
additional Regulatory Milestones Occurring Within The Past Few Years
other Noteworthy Initiatives
appendix – Market Size And Forecast
total Market Forecast – Best- And Worst-case Scenarios
figure 50: Forecast Of New Individual Term Assurance Premiums – Best- And Worst-case Scenarios,
At Current Prices, 2012-17
market Forecast By Sector
figure 51: Forecast Of New Individual Term Assurance Premiums, By Sector, At Current Prices, 2008-17
mortgage Term Sector Forecast
figure 52: Forecast Of New Mortgage Term Assurance Premiums, At Current Prices – Fan Chart,
2007-17
figure 53: Forecast Of New Mortgage Term Assurance Premiums, 2012-17
figure 54: Forecast Of New Mortgage Term Assurance Premiums – Best- And Worst-case Scenarios,
At Current Prices, 2012-17
protection Term Sector Forecast
figure 55: Forecast Of New Protection Term Assurance Premiums, At Current Prices – Fan Chart,
Term Assurance - UK - June 2013

7. 2007-17
figure 56: Forecast Of New Protection Term Assurance Premiums, 2012-17
figure 57: Forecast Of New Protection Term Assurance Premiums – Best- And Worst-case Scenarios,
At Current Prices, 2012-17
forecast Methodology
fan Chart Explanation
appendix – Ownership Of Life Insurance And Related Protection Products
figure 58: Ownership Of Life Insurance, By Demographics, March 2013
figure 59: Ownership Of Related Protection Products, By Demographics, March 2013
appendix – Sources Consulted Prior To Purchase
figure 60: Most Popular Sources Used/consulted To Help Select Policy/provider, By Demographics, March
2013
figure 61: Next Most Popular Sources Used/consulted To Help Select Policy/provider, By Demographics,
March 2013
appendix – Factors Influencing Purchase
figure 62: Top Five Factors Influencing Policy Selection, By Demographics, March 2013
figure 63: Next Five Most Popular Factors Influencing Policy Selection, By Demographics, March 2013
figure 64: Least Popular Factors Influencing Policy Selection, By Demographics, March 2013
appendix – Take-up Barriers
figure 65: Top Five Reasons For Not Having Life Insurance, By Demographics, March 2013
figure 66: Next Four Most Common Reasons For Not Having Life Insurance, By Demographics, March 2013
figure 67: Other Reasons For Not Having Life Insurance, By Demographics, March 2013
appendix – Attitudes Towards Life Insurance
figure 68: Agreement With Statements About The Importance And Relevance Of Life Insurance, By
Demographics, March 2013
figure 69: Agreement With Statements About Ease Of Arranging Cover And Product Flexibility, By
Demographics, March 2013
appendix – Upcoming Lifestage Events And Insurance Purchase Intentions
figure 70: Lifestage Events Planned Over The Next 12 Months, By Demographics, March 2013
figure 71: Life Insurance-related Plans Within The Next 12 Months, By Demographics, March 2013
Term Assurance - UK - June 2013

8. ResearchMoz(http://www.researchmoz.us/) is the one stop online destination to find and buy market research
reports & Industry Analysis. We fulfill all your research needs spanning across industry verticals with our
huge collection of market research reports. We provide our services to all sizes of organizations and across all
industry verticals and markets. Our Research Coordinators have in-depth knowledge of reports as well as
publishers and will assist you in making an informed decision by giving you unbiased and deep insights on
which reports will satisfy your needs at the best price.
Contact:
M/s Sheela,
90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free 866-997-4948
Email: sales@researchmoz.us
Website: http://www.researchmoz.us/
Term Assurance - UK - June 2013