
Insurance Innovation Awards 2021
These awards identify the most innovative providers across the areas of business, car, health, home, life and pet insurance.
Read more…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”.
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.
Life insurance protection policies have decreased since 2014. In 2021 there were 20.4 million policies taken out, which is 30% less than in 2014 (29.3 million).
Year | Protection Policies |
---|---|
2014 | 29,300,000 |
2015 | 28,600,000 |
2016 | 26,900,000 |
2017 | 25,700,000 |
2018 | 25,200,000 |
2019 | 23,700,000 |
2020 | 20,700,000 |
2021 | 20,400,000 |
Life insurance premiums take the majority of the market share of total insurance premiums. Since 2000, life insurance has averaged 71% of the insurance premium market share. The last year of data was 2020, where life insurance market share was 71%. In 2007 the market share stood at its highest level at 83%.
Year | Year |
---|---|
2000 | 72.30% |
2001 | 66.20% |
2002 | 63.10% |
2003 | 58.90% |
2004 | 61.80% |
2005 | 64.40% |
2006 | 79.60% |
2007 | 83.20% |
2008 | 76.30% |
2009 | 76% |
2010 | 73.60% |
2011 | 73.50% |
2012 | 75.40% |
2013 | 72.40% |
2014 | 73.40% |
2015 | 73.30% |
2016 | 68.80% |
2017 | 69% |
2018 | 72% |
2019 | 72.60% |
2020 | 70.50% |
In 2021, cancer (32%) was the biggest reason for a life insurance claim. Heart-related claims were second at 20% followed by COVID-19 (13%), neurological reasons (5%), pneumonia (4%), stroke (3%) and COPD (3%).
Reason for taking out life insurance | Percentage |
---|---|
Cancer | 32.1 |
Heart Related | 19.6 |
Covid-19 | 12.7 |
Neurological | 5.2 |
Pneumonia | 3.6 |
Stroke | 3.3 |
COPD | 3.1 |
Other | 20.4 |
Each policy taken out is unique – but how often do insurers typically pay out for life insurance and how much?
In 2021, 3.1 million new individual and group protection policies were taken out. This is an increase of 17% new policies compared to 2019 (2,650,000).
Year | New policies |
---|---|
2014 | 3,000,000 |
2015 | 2,300,000 |
2016 | 2,100,000 |
2017 | 2,000,000 |
2018 | 2,500,000 |
2019 | 2,650,000 |
2021 | 3,100,000 |
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