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New research highlights growth in over 50s market

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The latest Whole of Life Insurance report from Mintel1 has revealed significant growth across the market, particularly within the guaranteed acceptance sector.

According to Mintel, the overall whole of life market grew in 2015 for the first time since 2011, with policy sales increasing by 5%. This growth is largely down to the increase in guaranteed acceptance policy sales, which increased by 8% last year.

Driven by an ageing population, the over 50s target market is expected to grow further and Mintel expect a resurgence in guaranteed acceptance policy sales, forecasting growth of 12% by 2021.

As funeral costs continue to rise, this offers advisers a great opportunity to give their clients peace of mind through guaranteed acceptance plans, as well as an exciting opportunity to diversify and grow their business.

Last year was the best year to date for sales of the OneFamily Guaranteed 50 Plus Life Cover. As highlighted in the Mintel report, sales rose by 15% in 2015, 7% higher than the rest of the guaranteed acceptance market. And if 2016 is anything to go by so far, this year will be even better.

The OneFamily Guaranteed 50 Plus Life Cover can help your clients prepare for the future and care for their loved ones after they’ve gone.

It’s a whole of life insurance policy with a five star Defaqto rating and also includes serious and terminal illness cover after two years2. And, as the name suggests, it can ensure your clients’ guaranteed acceptance without a medical3.

OneFamily also offer customers access to a wide range of support and advice services to help their customers and their families during a difficult time.

With all these features and benefits, the OneFamily Guaranteed 50 Plus Life Cover appeals to a wide client base, helping you to easily find the right protection for more of your clients.

Get in touch with the OneFamily dedicated adviser team to find out more about their Guaranteed 50 Plus Life Cover and the benefits it can offer you and your clients on 0808 100 50754 or email [email protected]. For further information, visit www.onefamilyadviser.com.

[1] Mintel Whole of Life Insurance Report UK, June 2016

[2] Once your client has claimed for serious illness benefit, their life cover and terminal illness benefit will reduce by 20%. If they claim for a terminal illness, the plan will end and there won’t be a further payout.

[3] As long as your client is aged between 50 and 80 and is a UK resident, they’re guaranteed acceptance with no medical.

[4] We might record your call to help improve our training and for security purposes. We hope you don’t mind. Calls are normally free from UK landlines and from mobile phones.

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