Targeting the Over-50s with Life Insurance

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Description

The UKs over-50s population is growing, which means the customer segment is a growing opportunity for insurance providers. Those over 50 are often treated and targeted as one segment, but the market is highly diverse, and a one size fits all strategy should be avoided. Individual lifestyles differ due to a number of factors such as whether individuals are retired, whether they have dependent children living at home, their health, and their financial freedom. Acknowledging this should encourage a move away from targeting the singular over 50s segment towards focusing on the different life stages associated with growing older. This is important because differences in lifestyle mean the insurance needs of individuals also differ. Insurance providers must acknowledge and use this to develop their products and services to make them more relevant to consumers.

Key Findings
- Individuals with dependent children, partners, or parents require life insurance. 16.5% of over-50s have a child under 18, while 28.9% of parents over 50 have an adult child still living at home. Income protection and a policy linked to a mortgage are relevant for these individuals who are looking to financially protect their family. They may also look into long-term social care for dependent parents.
- 57.0% of the over-50s UK population is economically inactive, which is driven by those aged over 65. Retired individuals are less dependent upon working for income and less likely to have a mortgage but will still have dependents in need of financial protection. These customers will be looking into retirement and investment planning, seeing how they can pass on their assets to their children.

Synopsis
Targeting the Over-50s with Life Insurance explores the over-50s demographic and segments the age group into five distinct life stages. This spans those who have dependent children in education to those over 70 who are declining in health. The insurance needs and values of each life stage are highlighted and discussed, along with the opportunities each life stage provides insurers and how best to target them. The report discusses the main competitors within the over-50s segment and analyzes their approach to targeting customers.

ReasonsToBuy
- Gain a better understanding of the diversity of customers within the over-50s segment.
- Understand the differing values, behavior, and insurance needs of customers aged over 50.
- Improve customer engagement by recognizing what is most important to over-50s customers based on their life stage and how insurers can adapt their products and services to meet their needs.
- Understand how the over-50s segment should be approached with regards to marketing and advertising.
- Discover the top providers within the over-50s market.

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Table of Contents
EXECUTIVE SUMMARY
1.1. Diversity within the over-50s needs to be acknowledged
1.2. Key findings
1.3. Critical success factors
2 THE OVER-50S SEGMENT IN THE UK
2.1. Introduction
2.2. The UK's over-50s population is a growing opportunity
2.2.1. The over-50s form an increasing share of the UK adult population
2.2.2. The over-50s segment will continue to grow towards 2025
2.2.3. Adults are living longer and are in better health
2.2.4. Over-50s make up two thirds of the disabled population in the UK
2.2.5. The over-50s market is skewed towards women due to their longer life expectancy
2.2.6. Most over-50s are married, but there is a shift towards becoming widowed with age
2.2.7. One in five adults aged over 45 lives alone
2.2.8. Over-50s may still have dependents as a result of having children later
2.2.9. The majority of over-50s have adult children aged over 19
2.2.10. Almost 70% of UK household wealth is held by over-50s
2.2.11. Most over-65s are economically inactive, whereas 50-64s are still in employment
2.2.12. Outright home ownership increases with age as mortgages are paid off over time
2.3. Lifestyles
2.3.1. The diversity within the over-50s market needs to be acknowledged
2.3.2. The lifestyle of an individual is a combined outcome of three factors
2.3.3. Sizing life stage segments within the over-50s population
2.3.4. Societal changes mean the ages life stages are associated with are shifting

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