Term Life Insurance to Fuel the United States Life Insurance Market
Increasing awareness among
consumer about life insurance, declining life expectancy and ease of
availability is fueling the demand of life insurance in United States.
According to TechSci Research report, “United States Life Insurance Market – By Region, Competition Forecast and
Opportunities, 2018-2028F”, The United States life
insurance market to witness a significant growth during the forecasted period,
owing to the declining life expectancy in the country, and increasing awareness
among consumer about the necessity and benefits of life insurance. Moreover, due
to the rising government initiatives is driving the market of United States
life insurance market.
In the US, smoking
cigarettes and being around smokers are the two leading causes of premature
death.. They can make people more vulnerable to developing diseases such as cancer,
heart disease, stroke, lung disease, etc.
As per the data provided
by Centers for Disease Control and Prevention, more than 16 million Americans
are living with a disease caused by smoking. In the United States, cigarette
smoking is responsible for more than 480,000 deaths annually, including
more than 41,000 deaths from exposure to secondhand smoke. This amounts to
around 1 in 5 deaths annually, or 1,300 deaths per day. Thus, with the increase
in deaths due to smoking and other diseases, more and more people are purchasing
life insurance packages that can provide economic supports to their families
after their deaths.
Life insurance is
obtained by people from various socioeconomic backgrounds, both single and
married.. More than eight out of ten American families are protected by life
insurance in some form. Most life insurance policyholders are family
breadwinners who wish to ensure that, in the event of their passing, the
financial needs of dependents, such as a spouse, children, or elderly parents,
are taken care of.
However, many
individuals often buy life insurance to accumulate savings for a future
occasion, like retirement, paying for college or paying inheritance taxes. The
market for life insurance has seen a rise in the proportion of women in recent
years. Women are heading more and more homes today. Homemakers take life
insurance policies to ensure that funds will be available for child care and
household maintenance, in the case of their death.
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United States
Life Insurance market is segmented on the basis of type of insurance, premium
type, type of coverage, term of coverage, mode of purchase and by end user.
Based on type of insurance the market is segmented into public vs private. On
the basis of premium type, the market is divided into regular and single. Based
on type of coverage, the market is fragmented into individual and group.
Further, based on term of coverage, the market is divided into term, whole. On the
basis of mode of purchase, the market is divided into insurance agents/brokers,
insurance companies, and others include insurtech companies, third party, etc.
By end user, the market is fragmented into minors, adults, senior citizens.
Term life
insurance, which offers reasonable, fixed-cost, temporary financial protection
for a period of five to thirty years, will witness high demand during the
forecasted period. The optimum use for this kind of life insurance is to cover
short-term financial necessities including debt repayment, income replacement,
childcare expenses, and funding your child's schooling.
Major operating companies
operating in the United States Life Insurance Market are:
- Haven Life Insurance Agency LLC
- Northwestern Mutual Investment Services,
LLC
- Guardian Life Insurance Co Of America
- Transamerica Corp
- MassMutual Holding LLC
- Prudential Financial, Inc.
- Banner Life Insurance Co
- Legal & General Investment
Management America, Inc.
- Nationwide Mutual Insurance Co.
- John Hancock Life Insurance Co USA
To develop better
customer reach and to cater different consumer group, many brands are acquiring
other brands to capture larger market share. For instance, Great American Life
Insurance Company, a wholly owned subsidiary of American Financial Group, Inc.,
as well as other subsidiaries and affiliated companies, were acquired by
Massachusetts Mutual Life Insurance Company MassMutual Holding LLC for about
USD3.5 billion, in 2021.
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“The market for
life insurance in the United States is being driven by the country's
diminishing life expectancy as a result of an increase in premature deaths,
which are primarily driven on by smoking and tobacco usage, which causes cancer
and heart disease. The life insurance industry in the United States is also
expanding as a result of increased awareness and the accessibility of various
life insurance policies. s” eksaid Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
United States Life Insurance
Market, By Type of Insurance Provider (Public Vs Private), By Premium Type
(Regular Vs Single), By Type of Coverage (Individual, Group), By Term of
Coverage (Term Vs Whole), By Mode of Purchase (Insurance Agents/Brokers,
Insurance Companies, Others (Insurtech Companies, Third Party, etc.)), By End
User (Minors, Adults, Senior Citizens), By Region, By Company, Forecast &
Opportunities, 2018-2028F, has
evaluated the future growth potential of United States Life Insurance market
and provides statistics & information on market size, structure, and future
market growth. the report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Life Insurance in United States.
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