United Kingdom (UK) Protection Insurance – Term Assurance Market

Explore the UK term assurance market, including contracts, premiums, market leaders, distribution trends, growth drivers, regulation and forecasts to 2030.

Why Does the UK Term Assurance Market Matter?

The UK term assurance market grew in 2025, with increases in both premiums and the number of contracts. A recovery in mortgage lending and housing market activity supported demand for mortgage-related term assurance, as consumers sought to protect their mortgage repayments.

The UK Protection Insurance – Term Assurance Market Analysis report provides an in-depth assessment of current and historical market performance, covering contracts, premiums, distribution channels and competitive developments. With five-year forecasts to 2030, it helps insurers, financial services professionals and market analysts understand the factors influencing demand and how the market may evolve.

Key Insights in the UK Term Assurance Market

• Market growth: Examine changes in term assurance premiums and contract volumes, including the factors influencing market performance.
• Mortgage-related demand: Understand how mortgage lending and housing market activity affect demand for term assurance products.
• Competitive landscape: Assess the positioning of leading providers, including Legal & General, which led the market in 2025.
• Market concentration: Explore the competitive influence of the five largest providers, which collectively accounted for almost three-quarters of the market in 2025.
• Non-mortgage-related assurance: Understand the importance of non-mortgage-related term assurance, which accounted for the majority of contracts and premiums in 2025.
• Distribution and product development: Examine how term assurance products are distributed, how providers position their propositions and how new product launches are shaping competition.
• Technology and underwriting: Explore the potential for AI and wearable-device data to support underwriting accuracy, personalised policies and flexible pricing.
• Market outlook: Evaluate five-year forecasts for contracts and premiums through 2030, alongside expected changes in products, distribution and market drivers.

Scope

What Will You Learn from This UK Term Assurance Market Report?

This report provides a detailed view of the UK term assurance market, combining historical performance, competitive analysis and forward-looking forecasts.

Key areas covered include:

• Market size and performance: Analyse historical and current market size using contract volumes and premiums.
• Five-year forecasts: Assess projected changes in contracts and premiums through 2030.
• Market drivers: Understand the influence of mortgage lending, housing market activity, interest rates and cost-of-living pressures on demand.
• Competitive benchmarking: Identify leading providers and evaluate changes in their market positions and propositions.
• Distribution analysis: Examine how term assurance products reach customers and how distribution may evolve.
• Product developments: Review new product launches and changes in the range of offerings available to consumers.
• Regulatory implications: Understand how regulation may affect market development, product propositions and provider strategies.
• Future market dynamics: Explore the factors expected to influence the market, distribution channels and product offerings over the forecast period.

Who Should Buy This UK Term Assurance Market Analysis Report?

This report is designed for professionals seeking to understand the UK term assurance market, its competitive structure and future growth prospects, including:

• Life insurers and protection providers: Assess market opportunities, product trends and competitive positioning.
• Product development teams: Understand changing customer needs, provider propositions and opportunities for product innovation.
• Strategy and business planning teams: Use market forecasts and growth drivers to inform strategic priorities.
• Distribution and partnership teams: Evaluate distribution developments and the role of mortgage-related demand in term assurance uptake.
• Financial services analysts: Track market size, premiums, contract volumes and provider performance.
• Market researchers and consultants: Understand competitive dynamics, regulation and emerging trends affecting the UK protection insurance sector.
  

  

How Companies Use This UK Term Assurance Market Analysis

Insurers and financial services businesses can use this analysis to support market planning, competitive assessment and product strategy.

• Assess market opportunities: Use historical data and forecasts to understand changes in contracts, premiums and market demand.
• Refine product strategies: Evaluate how mortgage-related and non-mortgage-related term assurance contribute to market performance.
• Benchmark competitors: Assess the position of leading providers and understand the concentration of the market.
• Strengthen distribution planning: Identify changes in distribution and consider how customer demand may evolve.
• Evaluate growth drivers: Understand the influence of mortgage lending, housing activity and broader economic pressures on market performance.
• Explore innovation opportunities: Assess emerging approaches to underwriting and personalised pricing, including the potential role of AI and wearable-device data.
• Anticipate regulatory implications: Incorporate regulatory considerations into product development and market planning.

Key Highlights

• Legal and General (L&G) remained the largest player in the term assurance market in 2022.
• We forecast a decline in contracts for mortgage-related terms in 2023. This will be due to high-interest rates and the cost-of-living crisis, which have deterred individuals from taking out mortgages, thus impacting mortgage-related term take-up.
• By analyzing data and spotting trends, AI can increase the accuracy and effectiveness of term assurance underwriting. If incorporated with wearable devices, the real-time data generated can offer insights for customized policies and flexible pricing.

Reasons to Buy

Benchmark the UK Term Assurance Landscape

The UK term assurance market is shaped by established providers, changing demand across mortgage-related and non-mortgage-related products, and developments in distribution and product propositions.

Legal & General led the market in 2025, while the five largest providers collectively accounted for almost three-quarters of the market. The report examines these competitive dynamics alongside market size, provider propositions and new product launches, helping readers understand the structure of the market and the factors influencing competition.

Built on GlobalData Insurance Intelligence

GlobalData’s term assurance analysis brings together historical market data, forecasts, competitive assessment and industry developments. By examining contracts, premiums, distribution, product offerings and regulation, the report provides a structured view of the factors shaping the UK market and its potential direction through 2030.

Act Now to Identify Opportunities in the UK Term Assurance Market

As mortgage activity, customer protection needs, competition and product innovation influence the UK term assurance market, understanding current performance and future trends is essential for informed decision-making.

Use the UK Protection Insurance – Term Assurance Market Analysis report to assess market size, benchmark leading providers, understand key growth drivers and evaluate the opportunities and challenges shaping the market through 2030.