The "Whole of Life Assurance -
The whole of life market shrank in 2020, following years of sustained growth. COVID-19 eroded business, pushing the guaranteed acceptance segment (over-50s market) into a downturn. The niche, underwritten segment also contracted. Despite the decline, whole of life assurance remains the second-largest protection product. The vast majority of guaranteed acceptance policies are sold unadvised. Despite their complexity, the proportion of underwritten policies sold through independent financial advisors fell drastically as a result of COVID-19-induced closures.
The report provides an in-depth assessment of the whole of life market, looking at current and historical market size with regards to changes in contracts and premiums. It examines how whole of life products are distributed, and highlights key changes in the competitive landscape, as well as the propositions of the key market players. The value of claims is also assessed. It provides five-year forecasts of market size in contracts and premiums to 2025 and discusses how the market, distribution, and products offered are likely to change in the future, as well as the reasons for these changes.
- The whole of life market contracted in 2020, with premiums falling by 12.6% to £92.2m. Both the guaranteed acceptance (over-50s policies) and underwritten segments shrank.
- The whole of life market is becoming increasingly dominated by a handful of players. SunLife is by far the largest provider, accounting for almost half (44.6%) of all new guaranteed acceptance contracts sold in 2019.
- COVID-19 has forced insurers to turn their attention towards increasing the speed and efficiency of product delivery. For the first time, providers have started selling over-50s policies through specialist life insurance comparison platforms.
Key report benefits:
- Examine the size of the whole of life assurance market.
- Learn about key market drivers and the impact of COVID-19 on the market.
- Discover which providers lead the way in the whole of life assurance space.
Understand how whole of life assurance claims compare to other protection products.
Key Topics Covered:
1. Background: The Protection Market
- Market size
2. The Whole of Life Assurance Market
- Market size
- Claims and payouts
3. Market Drivers
- Current drivers
- Impact of COVID 19
4. Product Launches and Innovation
- Case studies
5. Competitive Landscape
- Market shares
- Company profiles
- Medical Screening Solutions
- Cavendish Online
- Compare the Market
- Shepherds Friendly
British Seniors Insurance Agency
- Legal & General
- Schroders Personal Wealth
- Scottish Widows
- Lloyds Banking Group
For more information about this report visit https://www.researchandmarkets.com/r/277qjp
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