Press Release

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.


Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "
Global Life Insurance Market.”

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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