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How Customers Purchase Whole of Life Assurance?

The whole of life assurance market accounts for a market share of over 31% of the premiums in-force life insurance market. The most popular action taken by the underwritten whole of life policyholders in 2021 was visiting a PCW and to speak to an independent financial advisor (IFA)/broker.  Increased concerns regarding age factors and funeral costs to beneficiaries remain a common reason over the past two years for purchasing the underwritten whole of life insurance policies. The impact of COVID-19 made consumers more cautious of unprecedented situations.

The whole of life insurance market report examines consumer purchasing behaviors and preferences in the whole of life assurance market, covering both guaranteed acceptance and underwritten policies. It identifies the most common purchasing trigger among customers, reveals the most popular purchasing channel and method, and explores the key features customers want from their policies.

What are the key policy types in the whole of life assurance market?

The key policy types in the whole of life assurance market are guaranteed acceptance and underwritten policies. The guaranteed acceptance market had a larger share of the total whole of life assurance market in Q3 2021, both for new contracts and new business premiums.

The Whole of Life Assurance Market Analysis by Policy Types

The Whole of Life Assurance Market Analysis by Policy Types

For more policy type insights, download a free report sample

Guaranteed Acceptance Whole of Life Assurance Market Insights

Some of the key market insights of guaranteed acceptance whole of life assurance market are as follows:

  • Visiting a PCW is the key activity before purchasing a guaranteed acceptance policy
  • The insurer channel is favored for guaranteed acceptance policies
  • Online and phone purchases are common among guaranteed acceptance policyholders
  • Funeral costs are the main purchasing trigger for customers
  • Lump-sum cash and cover for their entire life are the most sought-after features
  • Saving money for retirement is the biggest financial concern among policyholders
  • Aviva leads the guaranteed acceptance market
  • LV= had the highest NPS among the top five providers

Underwritten Whole of Life Assurance Market Insights

Some of the key market insights of the underwritten whole of life assurance market are as follows:

  • Visiting a PCW and specialist advice are the most common pre-purchasing activities
  • Insurers are the leading channel in the underwritten space
  • Online purchasing methods are common for the underwritten whole of life policies
  • Age and funeral costs are the main purchasing trigger for customers
  • A lump-sum payment to beneficiaries is the most sought-after feature
  • Paying monthly bills, mortgage or rent are major financial concerns
  • Aviva led the whole of life underwritten assurance market in 2021
  • Aviva had the lowest share of detractors among the top five insurers in 2021

For more insights on whole of life assurance market, download a free report sample

Market Report Scope

Key policy types Guaranteed Acceptance and Underwritten

 Scope

  • Price comparison websites are playing an increasingly important role in the purchasing journey,
  • In 2021, online purchasing was widely preferred, accounting for almost half of guaranteed acceptance policy purchases.
  • Cover for funeral costs is the most important factor prompting them to purchase a guaranteed acceptance policy.

Reasons to Buy

  • Understand consumer purchasing decisions and how these will influence the market over the next few years.
  • Adapt your distribution strategy to ensure it still meets customer purchasing habits.
  • Improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.
  • Compare the Net Promoter Scores of key providers in the whole of life market.

Key Players

Aviva

Legal & General

Royal London

LV=

Sunlife (Phoenix Life)

Scottish Widows

Beagle Street

Table of Contents

Table of Contents

Executive Summary

Sizing the Life Insurance Market

Guaranteed Acceptance Whole of Life Assurance

The Purchasing Journey

Behaviors and Attitudes

Brand Selection

Underwritten Whole of Life Assurance

The Purchasing Journey

Behaviors and Attitudes

Brand Selection

Appendix

Frequently Asked Questions

The key policy types in the whole of life assurance market are guaranteed acceptance and underwritten policies.

    Pricing

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