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How Customers Purchase Term Assurance 2020 Report

The attitudes, preferences, and behaviors of customers purchasing term assurance in the past 12 months differed depending on whether the policy purchased was linked to a mortgage or not. This affects factors including whether they purchased independently or with advice, what triggered them to purchase a policy, their top financial concerns, and the product features they sought.

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This report examines consumer purchasing behavior and how consumer preferences have changed in the last 12 months. It explores the most common purchasing triggers among customers when purchasing a policy and also reveals the most popular channels and methods in the market. New trends and innovations are also highlighted, such as the willingness to use wearable technology.

Scope of this Report-
– Speaking to an independent financial advisor or broker was the most common pre-purchase activity in 2020 among mortgage-related term assurance customers.
– Purchasing directly from an insurer was the most common channel used by non-mortgage-related term assurance customers, despite a decrease in its share of distribution in 2020.

Reasons to Buy this Report-
– Understand consumer purchasing decisions and how these will influence the market over the next few years.
– Improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.
– Discover which providers lead the way in the term assurance space.
– Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.

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Table of Contents
Sizing the Life Insurance Market
How does the term market compare to the whole-of-life assurance market in terms of contracts and premiums by policies in force and new business premiums?
How is the size of the term assurance market split between mortgage-related and non-mortgage-related policies, and how do they differ in terms of distribution?
The Purchasing Journey Slides
What do customers do before buying a policy?
Which channels and methods are used to purchase?
What is the average monthly premium spend?
Behaviors and Attitudes
What triggers customers to purchase a policy?
What are the top financial concerns of these customers?
Which policy features are considered essential?
How likely are customers to use activity trackers in
conjunction with their life insurance policy and why?
Brand Selection
Which are the top five providers of term assurance?
What are their NPSs?
Future Market
Appendix

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