Overview Of UK Protection Insurance 2018: Term and Whole of Life

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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 growth was primarily due to increased sales of non-mortgage term assurance policies by independent financial advisors, although sales in the direct channel are also increasing, 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.

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This report discusses the term assurance and whole-of-life insurance markets, looking at market size with regards to changes in contracts and premiums. The scope of this report covers the market for individual regular premiums only, concentrating on the main market for all types of consumers seeking their own cover. It highlights how products are distributed, and the main market players and their propositions. It provides five-year forecasts of market size in premiums to 2022, and discusses how the market, distribution, and products offered are likely to change in future.

Scope

- Total protection premiums reached 728.7m in 2017, exhibiting growth of 8.4% for the year. Term premiums reached 540.8m following 13.5% year-on-year growth to 2017, whereas whole-of-life premiums shrank by 1.8% to 96.3m.
- The protection market is dominated by a few key players. Legal & General holds the largest share of the term market (32.6%), whereas SunLife holds the largest proportion of the whole-of-life market (39.1%).

Reasons to buy

- Understand 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.

Table of Contents
1. EXECUTIVE SUMMARY 2
1.1. Market summary 2
1.2. Key findings 2
1.3. Critical success factors 2

2. MARKET DYNAMICS 8
2.1. Introduction 8
2.2. The protection market saw growth in 2017 9
2.2.1. The UK protection market grew in 2017, following three years of stagnation since the RDR 9
2.2.2. Term products dominate the protection market 10
2.3. The term market dictates the performance of the total protection market 11
2.3.1. The term market recorded 13.5% growth in new business premiums in 2017 11
2.3.2. Term assurance rates are falling due to competition and simplified distribution 12
2.3.3. 14.2% of non-mortgage related contracts may have been purchased to protect a mortgage 12
2.3.4. Growth in mortgage lending is an opportunity for term policy providers 12
2.3.5. The opportunity is ripe for targeting first-time buyers with term assurance 13
2.3.6. Automation is making selling protection alongside a mortgage easier 14
2.4. Whole-of-life is a market of two halves 15
2.4.1. The whole-of-life market continued to decline in 2017 but at a slower rate 15
2.4.2. The guaranteed acceptance market has been propped up by rate increases 16
2.4.3. Fewer underwritten policies are being sold with critical illness insurance as a rider 16

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3. DISTRIBUTION 17
3.1. Growth of the total protection market is mostly down to IFAs 17
3.1.1. Growth of the protection market is attributed to the independent advice channel 17
3.1.2. The independent advice channel accounted for nearly half of new contracts in 2017 17
3.1.3. 12.0% of mortgage-related term assurance policies are sold via banks 18
3.2. Term products are still dominated by IFAs 19
3.2.1. The independent and non-advised channel grew in 2017 while the restricted channel declined 19
3.2.2. The independent advice channel grew significantly for term assurance in 2017 19
3.3. Distribution of whole-of-life products is as divided as ever 20
3.3.1. The majority of guaranteed acceptance products are sold without advice 20
3.3.2. Underwritten whole-of-life policies are complex and so are distributed through IFAs 21
3.3.3. Increasing inheritance tax liability is creating an opportunity for the whole-of-life market 22
3.3.4. The government has announced a review of inheritance tax in order to reduce complexity 22

4. COMPETITION 23
4.1. Competitive advantage will be gained through innovation 23
4.1.1. Competition in the life insurance market is focused on innovation and distribution 23
4.1.2. Insurers fear the GDPR being a barrier to innovation and product marketing 23
4.2. The life insurance market is dominated by a few key players 23
4.2.1. Legal & General dominates the individual term assurance market 23
4.2.2. SunLife holds the largest share of the whole-of-life market 24
4.3. Legal & General attracts customers with retail gift cards 24
4.3.1. Legal & General has a calculator tool for customers purchasing directly online 24
4.3.2. Legal & General offers a standard term assurance policy and a mortgage-linked policy 25
4.3.3. Legal & Generals over-50s plan has an option to add an extra 300 towards funeral costs 25
4.3.4. Legal & General offers retail gift cards for purchasing life insurance 26
4.4. Aviva has additional life cover that is only sold through advisors 26
4.4.1. Aviva allows customers to purchase standard policies directly online 26
4.4.2. Avivas standard term assurance has an optional separation benefit 26
4.4.3. Life insurance+ provides enhanced cover options for those adding on critical illness 27
4.4.4. Aviva doubles the payout of its over-50s policy if death is caused by an accident a year after policy purchase 27
4.4.5. Aviva recently launched a whole-of-life+ policy for high-value clients at risk of inheritance tax 27
4.4.6. Aviva has purchased Irish insurer Friends First 28
4.5. SunLife is marketed towards the over-50s 28
4.5.1. SunLife offers term family life insurance and an over-50s policy 28
4.5.2. SunLife term assurance is underwritten by Royal London 28
4.5.3. SunLife provides funeral planning and calculator tools alongside its over-50s policy 28
4.6. Vitality rewards healthy customers with discounts 29
4.6.1. Vitality uses rewards and discounts to encourage healthy behavior 29
4.6.2. Vitality uses marketing and partnerships to increase engagement with health and its brand 29

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