It might not be something that you want to consider, but life insurance plays an important role in planning for your family’s financial future. We explored all of the latest statistics to find out how prepared the UK is for death. After all, as Benjamin Franklin said, “In this world nothing can be said to be certain, except death and taxes”.
The latest stats
How big is life insurance in the UK?
Life insurance falls under the broader category of protection insurance. Protection insurance includes life insurance but also other types of insurance such as income protection and serious illness insurance.
23.7 million protection insurance policies in place in the UK – 1.5 million fewer than last year.
442,000 collective life policies – in addition to the 23.7 million protection policies already in place.
2.5 million new collective and individual life policies taken out in 2018.
11.6 million members of group life insurance cover of some form in the UK in 2018 – 500,00 fewer than last year.
The Financial Conduct Authority launches a test case in the hope of providing clarity around complex contractual uncertainties for both the companies and insurers without the need for costly, individual court cases. Read more…
Danny is a publisher at Finder specialising in car, life, home, business and pet insurance. He previously worked at the global insurer Aon and has appeared in national media giving advice on insurance. Danny holds a BA in International Business from the University of Plymouth and has undying loyalty to his average-poor football team, Portsmouth FC.
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