This report concentrates primarily on the protection aspects of the life insurance market and does not cover in detail the associated investment aspects. The emphasis is on individual term life and whole-of-life policies, although some attention is given to endowment business and related protection products such as critical illness cover, income protection and mortgage payment protection insurance.

Given that the remit for this report is to examine the market for individual life insurance, regular-premium and ordinary branch business provides the focus for this report (single-premium and group business is only looked at in passing). The report additionally offers:

• an investigation into the internal and broader macroeconomic factors impacting the market
• an overview of the market' s composition, competitive context, and strengths and weaknesses
• insight into the views of leading experts (Premier editions only)
• an examination of recent and projected market growth, as well as detailed sector analysis
• an appraisal of the supply side of the market, including market shares of the largest players
• comments on product innovation, distribution and promotion
• an overview of general consumer financial activity (Premier editions only)
• the results of Mintel' s independently-commissioned consumer research, which offers additional insight into consumer attitudes and behaviour towards life protection products, and other areas of financial planning
• special further analysis (ie CHAID and repertoire) to enable deeper understanding of the core target groups (Premier editions only).

• Issues in the Market
• Report coverage
• Market definitions
• Abbreviations
• Market in Brief
• Business environment
• Demand drivers, cost pressures
  • Figure 1: Factors impacting the life protection market, 2006
• Market context
• Size of the market
• Competitive dynamics
• Marketing activity
• Distribution
• The key findings of Mintel' s consumer research
• Product Background
• Term assurance
• Level term assurance
• Decreasing term assurance
• Pension term assurance
• Whole-of-life insurance
• Endowment insurance
• Motivations to purchase
• Tax planning uses
• Broader Market Environment
• Fiscal surroundings present a mixed scenario
• Steady spending growth forecast
  • Figure 2: Total PDI, consumer expenditure and savings, 2002-10
• Share price volatility threatens to undermine investor confidence
  • Figure 3: FTSE 100 and FTSE All Share -- daily index movements, July 1999-July 2006
• Burgeoning ABC1 population boosts opportunities...
  • Figure 4: Distribution of the UK adult population, by socio-economic group, 1998-2010
• ...but a fall in the number of 35-44-year-olds could negatively impact on term insurance sales
  • Figure 5: Size of the UK population, by age group, 1998-2010
• Single occupants may have less need for life cover
  • Figure 6: Total number of GB households and one-person housedholds, 1961-2005
• Internal Market Environment
• Pricing for risk
• Defying the Grim Reaper -- mortality rates continue to fall
  • Figure 7: Age-standardised mortality rate for all causes, by gender, in England & Wales, 1901-2005
  • Figure 8: Age distribution of registered deaths in England & Wales, by gender, 2005
• Common causes
• The threat of a new influenza pandemic
• Increasing longevity has contributed to falling premiums
  • Figure 9: Life-expectancy at age 50 and 65 for men and women, 1981-2051 (actual and projected)
• Little significant change in smoking behaviour over the past five years
  • Figure 10: Cigarette smoking status in GB, by gender, 1996, 2001 and 2005
• Insurers heed new recommendations to identify HIV risk
• Genetic information
• Housing activity set to slow in the second half of 2006
  • Figure 11: Number of property transactions in England and Wales, 1995-2006
• First-time buyers are stretching further to get on the ladder...
  • Figure 12: UK average house prices (mix-adjusted), 1993-2005
• ...but are returning to the market in growing numbers
  • Figure 13: Total number of loans for house purchase, by type of borrower, 1998-2006
• Regulatory update
• Industry initiatives
• Competitive Context
• Market evolution
  • Figure 14: Summary of new regular-premium life business, 1999-2005
• Related products
  • Figure 15: Number of individual life protection policies in force, by product type, 2001-04
• A bird' s eye perspective
  • Figure 16: Life insurance -- the contextual model
• The Life Assurance and Protection Gaps
• Strengths and Weaknesses in the Market
  • Figure 17: The UK life protection market -- key strengths and weaknesses, 2006
• Evident need for protection...
• ...but a lack of trust inhibits progress
• Market Size and Forecast
• Business in force
  • Figure 18: Individual life insurance business in force at year-end, and sums insured, by product type, 2001-04
• New sales figures -- light at the end of the tunnel
  • Figure 19: Number of new individual regular-premium life insurance policies written, by sector, 2001-06
• Term policies account for the majority of new life insurance premiums
  • Figure 20: Value of new individual regular life insurance premiums, by sector, 2001-06
• Market prospects
• Forecast
  • Figure 21: Forecast of the number of new regular-premium individual term and whole-of life policies written, 2006-11
• New premium income will be boosted by price rises
  • Figure 22: Forecast of the value of new regular-premium individual term and whole-of life policies, at current and constant prices, 2006-11
• Factors incorporated
• term assurance
• whole-of-life
• Segment Performance
• New business segmentation
  • Figure 23: An overview of new life protection premiums, by industry classification, 2003-05
• Non-mortgage-linked term boosted by PTA in 2006
  • Figure 24: Number and value of new mortgage-linked and other term assurance contracts, 2001-06
• Average premiums
  • Figure 25: Average annual new individual regular life premium, by type, 2001-06
• Market Share
• Legal & General tops the life business rankings...
  • Figure 26: Life company rankings, by new regular-premium life business, 2003-05
• ...and is the most popular term life insurer
  • Figure 27: Top five providers of individual term assurance, based on new business volumes, 2005
• AXA Sun Life dominates the over-50s whole-of-life market
  • Figure 28: Top five providers of individual whole-of-life assurance, based on new business volumes, 2005
• Companies and Products
• A changing landscape
• The banks' assault
• Whole-of-life -- one player dominates
• AXA Sun Life
• The largest providers of term life assurance
• Legal & General
• Norwich Union
• Friends Provident
• Scottish Widows
• Level term assurance -- pricing comparisons
  • Figure 29: Top ten level term monthly premiums for non-smoker aged 35 over 25 years, with Ј100,000 sum assured, by gender, as at 5 June 2006
  • Figure 30: Average level term assurance premiums, May 2001 and May 2006
• Brand Communication and Promotion
• Industry adspend dips in the 12 months to June 2006
  • Figure 31: Total advertising expenditure on life insurance and protection products, by sector, 2001-05
• AXA Sun Life Direct and Liverpool Victoria invest the most in advertising
  • Figure 32: Advertising expenditure by the top ten advertisers of life insurance products, 2005-06
• Direct mail accounts for the largest proportion of adspend
  • Figure 33: Distribution of life insurance advertising expenditure, by main media, 2002-06
• Channels to Market
• The changing distribution landscape
• New partnerships
• The majority of new term business is sold with advice
  • Figure 34: Distribution value share of mortage-related and other term insurance premiums, by channel, 2001-06 (H1)
• Direct sales of whole-of-life policies account for under a third of new premiums...
  • Figure 35: Distribution value share of whole-of-life premiums, by channel, 2001-06 (H1)
• ...but three-quarters of volume sales
  • Figure 36: Distribution volume share of new individual term assurance and whole-of-life sales, 2005
• Two-thirds of adults are Internet users...
• ...but, as yet, only a very small amount of sales are generated online
  • Figure 37: Websites browsed and purchased from, by type of financial product, November 2002- May 2006
• The Consumer -- Planning for Future Needs
• Whole-of-life and the financial dilemma
• Those with life cover are more inclined towards planning ahead
  • Figure 60: Agreement with four statements concerning financial planning, by life insurance policyholders and non-subcribers, July 2006
• Retirement planners have the greatest protection cover
  • Figure 61: Ownership of life protection products by those who agree with the four statements, July 2006
• The propensity to plan is partially determined by economic factors
  • Figure 62: Agreement with four statements concerning financial planning, by reasons for not having life assurance by, July 2006
• Strong link between life cover and pensions
  • Figure 63: Cross-analysis -- agreement with statements concerning financial planning matters, July 2006
• Over a quarter of pensioners have no will
  • Figure 64: Agreement with statements concerning financial planning matters, by gender, age, socio-economic group, lifestage, marital status and tenure, July 2006
• High income groups and the self-employed are best at financial planning
  • Figure 65: Agreement with statements concerning financial planning matters, by working status, household income, ACORN category and region, July 2006
• Further analysis