Life Insurance Market to be Fueled by Term Life Insurance During the Forecast Period
The
global life insurance market is expected to grow during the forecast period
owing to factors such as increasing awareness and concern about financial
security and ease of availing life insurance.
According to the
TechSci Research report, “Life Insurance Market– Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2018-2028”. Life insurance is an
essential financial tool that provides individuals and families with protection
against the financial impact of unexpected events, such as death, disability,
and critical illness. It provides financial support for dependents of the policyholder.
Life insurance policies pay out a lump sum to the policyholder's beneficiaries
if the policyholder dies. This money can be used to cover living expenses, pay
off debts, and support dependents, such as children or a spouse. Life insurance
policies offer a range of benefits, including financial support for dependents,
loan facilities, and tax benefits, among others. The market is highly
competitive, with a large number of players operating in different regions of
the world.
Life insurance policy also protects
against the loss of income. If the policyholder is the only employed person in
the family, their death can have a significant impact on the family's finances.
Life insurance can provide a source of income replacement, ensuring that the
family's financial needs are met in the event of the policyholder's death. Furthermore,
life insurance policies can provide tax advantages, such as tax-free death
benefits and the ability to accrue capital value tax-deferred.
Some types of life insurance policies,
such as whole life and universal life insurance, provide investing options in
addition to insurance coverage. These policies allow policyholders to build
cash value over time, which can be used to pay future costs such as retirement
or schooling.
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The global life insurance
market is also driven by the increasing use of wellness and preventive health
programs. Insurance companies are partnering with healthcare providers to offer
wellness programs that help customers maintain a healthy lifestyle and prevent
chronic diseases. This approach not only helps to improve the health outcomes
of customers but also helps insurers to reduce their claims payouts.
In addition to traditional
life insurance products, the market is also seeing an increasing demand for
insurance products that offer additional benefits such as investment
opportunities, retirement planning, and tax benefits. This trend is driving the
growth of products such as variable life insurance and annuities, which provide
policyholders with greater flexibility and customization.
The global life insurance
market also faces several challenges, including increasing regulatory burden,
rising competition, and cyber threats. However, the market also presents
several opportunities, including the use of technology to enhance customer
experience, data analytics to develop new products and pricing strategies, and
the increasing demand for wellness and preventive health programs.
The global life insurance
market is segmented based on type, premium type, premium range, provider, mode
of purchase, and region.
Based on type,
the global life insurance market is segmented into term life insurance, whole
life insurance, universal life insurance, and others (group life insurance,
etc.). Among these, the term life insurance has a significant share in the
market during the forecast period owing to its affordability because term
policies offer coverage for a predetermined time.
Based on premium
type, the global life insurance market is further bifurcated into regular and
single. Among these, the regular segment has a significant share in the market
during the forecast period due to its affordability and flexibility. Regular
premium policies are a popular choice for individuals and families who want to
ensure that they have ongoing coverage in place to protect against the
financial impact of unexpected events. By making regular payments,
policyholders can ensure that their coverage remains in force and that they are
prepared for the financial impact of unexpected events such as death,
disability, or illness.
Key market players operating in
the global life insurance market include:
- AIA Group Limited
- American International
Group (AIG)
- Allianz SE
- AXA Group
- China Life Insurance
(Overseas) Company Limited
- Berkshire Hathaway Life
Insurance Company of Nebraska
- ING Bank A.S.
- Ping An Insurance (Group) Company of China, Ltd.
- The Prudential Insurance
Company of America
- MetLife, Inc.
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“The global life insurance
market is a dynamic, and rapidly changing industry. It offers
essential financial protection to people and families against the risk of
death, disability, and other life events. Life insurance policies are adaptable
and can be tailored to match the needs of policyholders. Policyholders can
select the amount of coverage they require, the length of the coverage term,
and the insurance type that best matches their needs and budget. Rising life
expectancy rates, increased awareness of the benefits of life insurance, and
the expansion of the middle class in emerging nations are likely to fuel market
growth in the future years,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Life Insurance
Market– Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028, Segmented By Type (Term Life Insurance, Whole Life Insurance,
Universal Life Insurance, and Others (Group Life Insurance, etc.)), By Premium
Type (Regular, Single), By Premium Range (Low, Medium, High), By Provider
(Insurance Companies, Insurance Agents/Brokers, Insurtech Companies and Others
(Third Party), By Mode Of Purchase (Online, Offline), By Region, By Company, has
evaluated the future growth potential of life insurance market globally and provides statistics and information on market structure,
size, share, and future growth. The report provides cutting-edge market
intelligence and helps decision-makers to make sound investment decisions.
Besides, the report also identifies the emerging trends along with essential
drivers, challenges, and opportunities present in the market of life insurance market
globally.
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