Research Share on UK Critical Illness Cover Trend 2014

Insurers rely on advisers and the business they bring in, but should be more open minded to the possibility of growth in non-advised sales. By making policies simpler and online services easier to use, providers could tap into a group of consumers with day-to-day need for protection but no need to visit an adviser.

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Table of Content

Introduction
Definition
Abbreviations

Executive Summary
The market
Critical illness cover market expected to recover from recent drop
Figure 1: Forecast of value of critical illness cover policy sales (stand-alone and rider benefit), 2009-19
Falling prices are restricting value of new sales
Stand-alone critical illness cover is a tiny part of the protection industry
Figure 2: Proportion of sales volumes in protection industry, by product type, 2013
Market factors
Household finances are starting to improve but are still squeezed by inflation
Growth in mortgage lending should mean growth in critical illness cover
Figure 3: Total quarterly gross secured lending, March 2009-March2014
Companies, products and innovations
Legal & General is the market leader
Figure 4: Market share of the top five providers of new individual critical illness cover, based on sales volume, 2013
LV= has the most enhanced policy
Additional conditions added by more providers
Aviva educates advisers
The consumer
Critical illness cover is held by 11% of consumers
Figure 5: Protection and insurance product ownership, April 2014
Most people have concerns about the effect of ill health on their finances
Figure 6: Attitudes towards sickness and income, April 2014
The majority wouldn’t be able to cope for more than a year if unable to work due to ill health
Figure 7: Level of financial security – coping with an extended period of ill health, April 2014
Nearly half of non-policyholders think critical illness cover is too expensive
Figure 8: Barriers to ownership of critical illness cover, April 2014
Three quarters are unwilling to pay more than £15 per month for cover
Figure 9: Willingness to pay for critical illness cover, April 2014
Interest in buying a policy next year is high
Figure 10: Attitudes towards critical illness cover, April 2014
What we think

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Issues and Insights
Smaller, more niche products could see growth
The facts
The implications
Improving direct channels can open policies to a new demographic
The facts
The implications
Insurers should be frank about the effects of serious illness
The facts
The implications

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Trend Application
Show the value, not the cost
Claims statistics can help overcome trust issues
Consumers want online information

Market Drivers
Key points
Household incomes remain squeezed by low wage rises
Figure 11: Annual change in average weekly earnings, CPI and RPI, March 2009-April 2014
Increased mortgage lending helps insurers, but the MMR is a threat
Figure 12: Total quarterly gross secured lending, March 2009-March2014
There are more first-time buyers
Figure 13: Volume of mortgage loans issued for house purchasing, by customer type, 2009-13
Cancer is the biggest killer in the UK, but progress is being made
Successful claims are on the rise
Regulatory changes have challenged the market

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