People buy over-50s life cover on attitude, as much as age, according to a new report from OneFamily.
The multi says its results challenge current and traditional approaches to selling this type of product, which tend to focus on age, gender and social class.
OneFamily believes the research, commissioned through the fastMAP online research panel, could hold the key to helping advisers appeal to their clients and increase the uptake of such policies. It shows that customers in the market actually fall into five distinct groups, each one defined by their attitude to life.
Karl Elliott, OneFamily’s marketing director, said: “The report highlights that some potential over-50s customers want to live for today and are looking for convenience and peace of mind. Others, by contrast, are savvy savers who are more driven by value for money and want low monthly premiums.
“Those with health concerns about existing conditions will be attracted by the unique serious and terminal illness benefits of OneFamily Guaranteed 50 Plus Life Cover, plus the fact, they’re guaranteed acceptance without an intrusive medical.
“Then there are the ‘neat and tidy’ forward planners who are eager to keep their finances in order. Or those who want to put their family first by making sure they don’t have to deal with remaining debts or rising funeral costs.”