Financial Services Related Reports Over-50s with General Insurance Market | Page 2
- 16.5% of over-50s have a child under 18 and are likely to have buying habits in line with the
mass market. Meanwhile 28.9% of parents over 50 have an adult child still living at home and are
more likely to need a multi-car policy and extra possessions cover.
- 57.0% of the over-50s UK population is economically inactive, which is driven by those aged over
65. These individuals are more likely to go on holiday and require travel insurance.
- 35.6% of the over-50s UK population has a disability. These customers need more support and
may engage online if they are unable to leave home. They are ripe for an online community.
Synopsis
This report explores the over-50s demographic and segments the age group into five distinct
lifestages, from those with dependent children in education, to those over 70 who are declining in
health. The insurance needs, values, purchasing preferences, and behavior of each lifestage are
highlighted and discussed based on these findings, along with the opportunities each lifestage
provides insurers and how best to target them. It discusses the main competitors within the over-
50s segment and analyzes their approach to targeting customers.
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Reasons To Buy
- To get a better understanding of the diversity of lifestyles of customers within the over-50s
segment.
- To understand the differing values, behavior, and insurance needs of customers aged over 50.
- To improve customer engagement by recognizing what is most important to over-50s customers
based on their lifestage and how insurers can adapt their products and services to meet their needs.
- Understand how the over-50s segment should be approach with regards to marketing and
advertising.
- To discover the top providers within the over-50s market.
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