Abstract
About this report
The life protection industry provides a vital service by allowing consumers to protect themselves and their families from the potentially devastating financial impact of death, critical illness or long periods of unemployment. However, despite the fact that individuals are increasingly being required to take on greater responsibility for their own financial wellbeing, a stubbornly large minority of the consumer base continue to hold no protection products whatsoever.
While this does provide considerable scope for increasing penetration rates, protection providers clearly face a significant challenge encouraging new customers to buy their products. Low consumer awareness of the need for cover, limited financial capability across certain sections of the consumer base and a lack of trust in life companies all present obstacles that must be overcome if this untapped demand is to be fully exploited. In addition, the tough economic climate and a decline in the mortgage market also present a serious challenge for life insurers.
This report provides an assessment of recent trends within this sector. It analyses market data, considers the prospects for future growth and reports industry views on a range of salient issues. In addition, it provides analysis of Mintel' s independently commissioned consumer research, which identifies the proportion of adults who own protection products and what type of policies they hold; gains a deeper insight into the customer experience when arranging a life policy; and considers attitudes towards a number of issues relating to life insurance.
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