EXECUTIVE SUMMARY
1.1. Diversity within the over-50s needs to be acknowledged
1.2. Key findings
1.3. Critical success factors
2 THE OVER-50S SEGMENT IN THE UK
2.1. Introduction
2.2. The UK's over-50s population is a growing opportunity
2.2.1. The over-50s form an increasing share of the UK adult population
2.2.2. The over-50s segment will continue to grow towards 2025
2.2.3. Adults are living longer and are in better health
2.2.4. Over-50s make up two thirds of the disabled population in the UK
2.2.5. The over-50s market is skewed towards women due to their longer life expectancy
2.2.6. Most over-50s are married, but there is a shift towards becoming widowed with age
2.2.7. One in five adults aged over 45 lives alone
2.2.8. Over-50s may still have dependents as a result of having children later
2.2.9. The majority of over-50s have adult children aged over 19
2.2.10. Almost 70% of UK household wealth is held by over-50s
2.2.11. Most over-65s are economically inactive, whereas 50-64s are still in employment
2.2.12. Outright home ownership increases with age as mortgages are paid off over time
2.3. Lifestyles
2.3.1. The diversity within the over-50s market needs to be acknowledged
2.3.2. The lifestyle of an individual is a combined outcome of three factors
2.3.3. Sizing life stage segments within the over-50s population
2.3.4. Societal changes mean the ages life stages are associated with are shifting
3 TARGETING OVER-50S WITH LIFE INSURANCE
3.1. The key to successful targeting is to understand the customer
3.1.1. There are three elements that need to be aligned to target a consumer group
3.1.2. Individuals over-50 with dependent children still identify with the mass market
3.1.3. A subtle marketing approach is needed for individuals with adult children at home
3.1.4. Early retirees are more focused on retirement and inheritance planning
3.1.5. Late retirees begin to identify with being labeled as over-50s customers
3.1.6. Declining health should not dominate the identity of an individual
3.2. Marketing needs to move away from age towards life stage
3.2.1. Individuals take out life insurance policies when there is a lifestyle trigger
3.2.2. Life insurers need to increase product penetration to gain customers
3.2.3. Providers need to develop more flexible products
3.2.4. Retirees are just as in need of life insurance as an individual with a family
3.2.5. The life insurance needs of customers change over time
3.2.6. Moving away from the over-50s label
3.2.7. Marketing strategies should represent older customers positively
3.2.8. Older customers should be a focus for advertising
3.2.9. Wearables and technology
4 A RANGE OF INSURANCE PROVIDERS TARGET OVER-50S
4.1. Life is the most visible "over-50s" product in insurance
4.1.1. There are many approaches insurance providers take to target the over-50s market
4.1.2. Legal and General's over-50s life insurance policy is highly focused on end of life
4.1.3. Aviva keeps its over-50s life insurance product description customer neutral
4.1.4. Scottish Widows Protect allows customers to adapt their policy as their needs change
4.1.5. LV= is advertising its 50 Plus Plan through a TV campaign in 2017
4.1.6. Saga exclusively targets customers aged over 50 across its whole portfolio
4.1.7. The transition to over-50s products does not happen overnight
4.1.8. Aviva and Legal and General are the leading providers of whole of life policies
4.1.9. Legal and General and Aviva top the market for term assurance cover
4.1.10. Aviva and Legal and General are also the favored providers for income protection
4.1.11. Conclusion
5 APPENDIX
5.1. Definitions
5.1.1. Banks/building societies
5.1.2. Brokers
5.1.3. Direct
5.2. Methodology
5.2.1. Primary and secondary research
5.2.2. GlobalData's 2016 UK General Insurance Consumer Survey
5.2.3. GlobalData's 2016 UK Life Insurance Consumer Survey
5.3. Bibliography
5.4. Further reading

Figure 1: 47.6% of the UK adult population will be aged 50 or above by 2025
Figure 2: The UK population is living longer and is in better health
Figure 3: 35.6% of over-50s have a disability, with most being over the age of 80
Figure 4: The over-50s market, especially those over 70, is skewed towards women
Figure 5: There is a shift from being married to being widowed in line with age
Figure 6: 48.0% of females aged over 75 in the UK live alone
Figure 7: Women are deciding to have children later in life
Figure 8: 6.6% of young adults aged 15-34 lived with their parents in 2015
Figure 9: 94.0% of adults over 50 have children, the majority of whom are aged over 19
Figure 10: The proportion of over-50s with children under 18 falls with age
Figure 11: There is a clear shift from employment to retirement after 65
Figure 12: The majority of over-65s own their homes outright without a mortgage
Figure 13: Life stages of the over-50s
Figure 14: The declining health segment accounts for over a third of the over-50s population
Figure 15: There is a clear correlation between life stage and age band within the over-50s segment
Figure 16: Legal and General's over-50s policy focuses on end of life
Figure 17: Scottish Widows' Protect For Life policy has three cover options
Figure 18: LV= offers five life insurance policy types
Figure 19: In 2017, LV= has dedicated a TV marketing campaign to its 50 Plus Plan
Figure 20: Aviva has a higher affinity among customers aged between 50 and 64
Figure 21: Legal and General holds a 20.9% provider share for term assurance
Figure 22: One in five over-50s with an income protection policy are with Aviva

Legal and General
Aviva
Saga
LV=
Scottish Widows
SunLife
FriendsLife
Old Mutual
Royal London
AXA PPP
Aegon
AIG
ESMI
Zurich
Paymentshield