The UK’s over-50s population is growing, which means that the customer segment is a growing opportunity for insurance providers. Those over 50 are often treated and targeted as one segment. However, the over-50s market is highly diverse and should not be treated singularly. Individuals’ lifestyles differ due to a number of factors such as whether they are retired, whether they still have dependent children living at home, their health, and their financial freedom. Acknowledging this should encourage a move away from targeting a homogenous “over 50s” segment towards focusing on the different lifestages associated with growing older. This is important because differences in lifestyle mean that the insurance needs of individuals also differ. Insurance providers must acknowledge and use this to develop their products and services to make them more relevant to consumers.
- 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.
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.
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.