Insurance for the Over 55s

Date: 2015-11

The over 55s are a growing population segment and are therefore becoming increasingly significant in the insurance space. Their insurance needs differ from those aged 35-54, and insurers need to recognize this.

– Understand how the over 55s purchase insurance and which methods they are most likely to use.
– Analyze the key differences between the over 55s and mid 35-54s in their insurance shopping habits.
– Find out why the over 55s are an important group for insurers to target.

– What are the characteristics of the 35-54 and over 55 age groups?
– How do the insurance and purchasing needs of consumers aged 35-54 and over 55 vary?
– Which insurance products are the over 55s most likely to purchase?

Key Highlights
Over 55s are less likely to switch – making this group most loyal to their providers.

Over 55s are more likely to own their property outright, with only a small proportion still paying off their mortgage.

According to the 2011 UK Census there are 17.8 million over 55s in the UK, compared to the total population of 48.1 million over 20 years of age.”

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