Life & Health Insurance MARKET INSIGHT REPORT 2017 Q4

February 2018




MSM Confused Go Compare CTM Assured Futures
Lowest price £24.64 Realm £20.80 Fortify £20.80 Fortify £20.70 Realm £20.70 Realm
2nd Lowest price £24.90 Payment Care £23.40 £23.40 £25.70 Paymentcare £25.70 Paymentcare
3rd Lowest price £25.40 First Call £25.96 Realm £25.96 Realm £26.56 Assurity £26.56 Assurity
Number of insurers 5 7 7 10 10

Income protection, covering £1,000 per month, for 12 months, for accident, sickness and unemployment with a 30 day excess for an employed 30 year old male, earning £40k per year living in GL52.

MSM Confused Go Compare CTM Assured Futures
Basic cover £31.89 Health-on-line £12.50 WPA £12.50 WPA £12.50 WPA £12.50 WPA
Mid-range Cover £42.08 Health-on-line £28.97 General & Medical £28.97 General & Medical £26.25 General & Medical £26.25 General & Medical
Fully Comprehensive Cover £60.06 Health-on-line £47.30 General & Medical £47.30 General & Medical £43.08 General & Medical £43.08 General & Medical
Number of insurers 7 10 10 13 13

PMI prices based on 30 year old male, non-smoker living in GL52, with an excess of £250.

MSM Confused Go Compare CTM Assured Futures
Lowest price £7.29 Legal & General £6.99 Legal & General £7.01 Legal & General £7.01 Legal & General £7.86 Royal London
2nd lowest price £7.64 LV= £7.50 Beagle Street £7.15 AIG £7.15 AIG £7.92 LV=
3rd lowest price £7.94 Beagle Street £7.54 LV= £7.45 LV= £7.45 LV= £8.00 Vitality
Number of insurers 8 9 9 9 9

Life (Term) prices based on 30 year old male, non-smoker, living in GL52, covering £200,000, over 20 years with a fixed premium.

MSM Confused Go Compare CTM Assured Futures
Lowest price N/A N/A N/A N/A £13.00 AEGON
2nd lowest price N/A N/A N/A N/A £13.32 Zurich
3rd lowest price N/A N/A N/A N/A £14.72 AIG
Number of insurers N/A N/A N/A N/A 8

Life (WOL) prices based on 45 year old male, non-smoker, living in GL52, covering £10,000.

MSM Confused Go Compare CTM Assured Futures
Highest cover N/A £5,661 AIG £5,661 AIG £5,661 AIG £5,661 AIG
2nd hightest cover N/A £5,610 Shepherds Friendly £5,610 Shepherds Friendly £5,610 Shepherds Friendly £5,610 Shepherds Friendly
3rd highest cover N/A £5,605 OneFamily £4,898 Legal & General £5,605 OneFamily £5,605 OneFamily
Number of insurers 0 5 4 8 8

Over 50s prices based on 60 year old male, non-smoker, living in GL52 choosing a premium of £20 per month with a 24 month wait period.


Protection- is the industry’s engagement with women still an issue?

With gender inequality being so prominent in the news at the moment and with “diversity” and “inclusion” being the buzz words of the year so far, it seems like a very good time to explore the role that protection plays in the lives of women in 2018

Concerning statistics

A recent report from Insuring Women’s Futures says that financial risks are borne by women far more than men and research carried out by the CII confirmed “the existence of a substantial protection gap for women.”

The statistics are alarming. As outlined by the CEO of Lloyd’s of London, despite controlling 70-80% of consumer spending globally, over 1/3 of women in their late thirties would not be able to survive for “one month if they lost their regular source of income.” According to research from the Institute for Public Policy Research (IPPR), women are the main earner in a third of working families with dependent children in mainland Britain. Studies by Scottish Widows shows that despite saying that their households could only pay the bills for 7 months should they pass away or not be able to work, only 31% of women have life insurance and just 7% have critical illness cover in place. And as stated by Johnny Timpson of Scottish Widows in a recent article there are 4.9 million mothers in the workforce

These statistics are just a handful of what has been published over recent years but they paint a grim picture of the clear lack of engagement when it comes to women and the protection industry. We just don’t have as much of their buy in as we should. And if there are all of these opportunities available in this growing market, then why are we not exploiting them?

That there is this considerable gap between the number of men and women who take out protection insurance, we clearly need to be asking why this is the case and what we should be doing about it.

The wrong message

If we look at the way that insurers communicate to women- are they doing enough to communicate with them? Yes, historically, protection products would have been for men as the main, or in most cases, only breadwinner but as society has evolved and roles have changed, it could be argued that the messaging has not moved on at a fast enough rate. Gone are the days when households relied on just one income and when the women’s place was in the home.

Under representation

It would be remiss to not accept that some progress has been made. Inga Beale joined Lloyd’s as CEO in 2014 and was the first female in the insurance market’s 328 year history but there can be no argument that the progress is slow. And if the majority of the senior level leadership roles are still held by men, then how can we expect that the messages being sent out by these organisations are focused enough on women? If insurance firms are run from the top by men, then is it really possible that females will get their fair share? The lack of female representation in senior level executive roles, is certainly not restricted to the insurance industry but changes at the top of any organisation are bound to have positive repercussions down the lines for employees and consumers alike.

We need to get deeper into women’s hearts and minds

We all know that no one really wants to buy protection- it is a must have that many people will put off purchasing until it’s too late. As women juggle careers with children and the home, we need to be making it as easy as possible for them to get the protection they need and also as difficult as possible for them to just keep putting it off. The Seven Families Initiative was launched to increase engagement in protection and to show how important it is and it definitely succeeded in getting some messages across. But where are the programmes and initiatives that are truly engaging women? If we know the statistics that prove how vulnerable women are leaving themselves without the adequate protection in place, then the time is now for the big players to seize these opportunities and be brave in their approach to engaging women. There are hashtags galore at the moment, aimed at empowering women, so why not get #getwomenprotected trending on social media?

Our own experiences at Assured Futures

Martin Hedicker, Income Protection Team Manager gives his opinion:

“We do actually speak to as many, if not more women than men which does show that the message about the need for protection is getting through but many of the enquiries made seem to be for their partners. This reinforces the opinion that many women don’t value themselves highly enough to get the protection that they need and is clearly something that we all need to be addressing in the industry. I do think that this issue will be addressed to some extent as businesses tackle the gender pay gap.”

Linsey Sutton, Life Insurance Team Manager believes that:

“The history of the male being the earner and the female being the carer is clearly still having an impact and is a legacy that will take some time to go. Education on the importance of financial protection for both males and females is a big issue and needs to be addressed with both genders to improve the protection gap for everyone”

Impact of negative press about the NHS on PMI

Every winter as the bad press about the NHS gathers momentum, we always get asked the same question, “have sales of PMI increased?” So, I posed this question to Neal Hartley, Team Leader for Private Medical Insurance at Assured Futures to give us his view.

What impact do the headlines about the NHS have on your advisers at Assured Futures?

There can be no doubt, that as the doom and gloom stories fill the airwaves and the pages, that we receive more enquiries- we can see the spike in leads as soon as the negative stories about the NHS being on it’s knees hit the headlines and the experience that we have at Assured Futures means that we can pre-empt this to ensure that we can help our clients quickly once we receive their enquiry.

Has your experience in early 2018 been the same as previous years?

If we look at January 2017, we saw a huge increase in leads as Jeremy Hunt was under fire on a daily basis. The fears over the NHS are still making headlines but the impact one year later has been less. My own personal thought is that the general public have become used to hearing about the problems with the NHS, it has become the norm and many people are almost becoming desensitised to it.

What is your personal experience when you and the team speak to clients about PMI?

I would suggest that the majority people are aware of PMI as a product but only in very general terms. Cover levels and what a policy will cover is still relatively unknown. Private GP, pregnancy cover, pre-existing cover and emergency treatments are all things that we as advisers tackle daily and it is our responsibility as advisers to ensure that we empower clients to make the right choice based on correct and honest information. On the other hand, some people who have had cover in place previously often over simplify the impact of what moving insurers will have. They will typically find a cheaper premium and move even though they may be compromising their cover, ironically leaving them exposed to the NHS.

When you speak to clients, particularly when the problems in the NHS are so readily spoken about, what are their reasons for wanting the product?

Clients do mention that the NHS is getting worse but it is often seeing the GP which is the issue in order to be able to use PMI.

Many clients have the cover simply to speed things up and with the pressure highlighted in the press that the NHS is struggling – the recent operations being cancelled in January due to the flu epidemic and the hospitals being full is a recent example, clients can be assured that the chances of their operation being cancelled privately is more remote.

The press only seem to publicise the negative side of the NHS and not the great work it does for the vast majority and people will think of ways to receive the treatment they need quicker rather than simply paying for it directly.

What issues are we faced with as a broker when selling Private Medical Insurance?

The stumbling block with PMI is that people aren’t aware of the cover available and often the cost and that is where we can help. PMI is an inherently difficult product to understand and we will always listen to the clients’ concerns when they contact us and ensure that we understand their personal situations before finding them the right product for them.



A client was referred to us to purchase a level term life assurance policy and contacted us just a few days before he was due to leave the UK on a three month trip around Europe. Having spoken to one of our Life Advisers who explained the options that were available to him, he was passed through to one of our Case Managers so that we could make the application on his behalf.



"I left arranging my life insurance to the last minute and I resigned myself to the fact that I would probably make the enquiry but not be able to finalise my policy until I returned to the UK later in the year. I was amazed by the very personal level of service that I received from the Case Manager at Assured Futures- she was so proactive and came back to me quickly each time she spoke to the insurer. It is just a relief to have this sorted and know that I have the cover in place and I can now go off and enjoy my travels.”


"The Client is always at the heart of everything that we do as a business and our mission is to make the complicated simple. That’s why, we have a team of dedicated Case Managers who have been appointed to be the link between the company and the client. Once the clients are passed through to the team from the advisers, they are allocated a Case Manager who will be their point of contact throughout. We believe that this personalises our service further and gives the client the confidence that we are treating them as an individual which this case study illustrates fantastically.”
Adele Peters, Case Management Team Manager



Ian Sawyer
Managing Director
Leighton Phillips
Head of Commercial
Linsey Sutton
Life Insurance Team Manager
Martin Hedicker
Income Protection Team Manager
Chloe Delgado-Chance
Private Medical Insurance Team Manager
Rebecca Fludder
Relationship Manager


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Please note the above represents the views of the authors only and does not constitute insurance advice. Assured Futures Ltd is authorised and regulated by the Financial Conduct Authority (FCA). Assured Futures, Ellenborough House, Wellington Street, Cheltenham, GL50 1AP, 01242 537 082. Registration number: 3040737. Infographic Icons made by Freepik from is licensed under CC BY 3.0