Market Overview:
The global term life insurance market is expected to grow at a CAGR of 6.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for term life insurance products due to their low premiums and coverage against death risks. In addition, the growing awareness about the benefits of term life insurance is also contributing to the market growth. The global term life insurance market can be segmented on the basis of type, application, and region. On the basis of type, it can be divided into renewable term life insurance and return premium term life insurance. Renewable Term Life Insurance policies are those that offer protection for a specific time period (e.g., 10 or 20 years) and renew automatically unless canceled by policyholder; while Return Premium Term Life Insurance policies are those that offer guaranteed returns at maturity (provided policy remains in force). On the basis of application, it can be classified into agency, brokers, bancassurance, digital channels and direct channels segments respectively. Region-wise, it is analyzed across North America (U S A & Canada), Latin America (Brazil & Mexico), Europe(UK France Germany Spain Italy Rest Of Europe), Asia Pacific(China India Japan South Korea Australia New Zealand Rest Of APAC)and Middle East Africa(GCC Countries Israel Turkey South Africa Rest OF MEA).
Product Definition:
Term life insurance is a type of life insurance that provides coverage for a specific period of time, or "term." If you die during the term of the policy, the policy pays a death benefit to your beneficiaries. Term life insurance is generally less expensive than permanent life insurance policies, such as whole or universal life policies.
-The purpose of term life insurance is to provide temporary protection against premature death. It is typically less expensive than other types of life insurance, and it can be used to cover specific needs such as paying off a mortgage or funding college tuition.
Renewable Term Life Insurance:
Renewable term life insurance is a type of insurance that allows policyholders to select how much premium they want to pay for the coverage. The amount paid by the policyholder fluctuates with changes in their age and health. These policies are designed to provide a death benefit or cash value at maturity along with an annuity which is renewable based on the selected option by the policyholder.
Return Premium Term life insurance:
A return premium term life insurance is a type of policy that allows the insured to withdraw or cash in their policies at any time during the term without paying a withdrawal fee and also incurs no penalties or charges. The policyholder can take out premiums at any time during the term, but has to pay back only a proportion of interest on what he/she has taken out.
Application Insights:
The Agency application segment led the market and accounted for more than 70.0% share of the global revenue in 2017. The growth is attributed to extensive use of term life insurance by agents, who can sell additional products such as whole life, universal life and retirement income insurance throughTerm Life Insurance.
The bancassurance application segment is expected to witness significant growth over the forecast period owing to increasing penetration of banks offering various financial services including mortgage loans, savings schemes and credit cards under this programmatic structure. This has resulted in increased usage of term life insurance by banks as a medium for attracting customers with low-cost products compared with other forms such as whole or permanent life policies offered directly to consumers or obtained from independent agents without any intermediaries between them and the company selling these policies (i.e., insurer).
Regional Analysis:
North America dominated the global market in 2017. The growth of the regional market can be attributed to a rise in demand for insurance policies that offer protection against critical illness and death, along with an increase in investments by companies to cater to their financial needs.
Asia Pacific is expected to witness significant growth over the forecast period owing to factors such as increasing disposable income, rising acceptance of life insurance products among consumers and regulatory reforms that enable easy availability of these products at affordable rates. Moreover, economic development coupled with improving standard of living is anticipated to boost sales across this region during the forecast period.
Growth Factors:
- Increasing life expectancy: The average lifespan is increasing every year, and this trend is expected to continue in the future. This means that people need life insurance for a longer period of time, which will drive demand for term life insurance policies.
- Rising income levels: As incomes rise, people have more money to spend on protection products like term life insurance. This will help to fuel growth in the term life insurance market.
- Growing awareness about the importance of coverage: More and more people are becoming aware of the importance of having adequate coverage in case something happens unexpectedly. This is driving demand for term life insurance policies as consumers look for a low-cost way to protect their families financially.
Scope Of The Report
Report Attributes
Report Details
Report Title
Term Life Insurance Market Research Report
By Type
Renewable Term Life Insurance, Return Premium Term life insurance
By Application
Agency, Brokers, Bancassurance, Digital and Direct Channels
By Companies
Allianz, AXA, Generali, Ping An Insurance, China Life Insurance, Prudential PLC, Munich Re, Zurich Insurance, Nippon Life Insurance, Japan Post Holdings, Berkshire Hathaway, Metlife, Manulife Financial, CPIC, Chubb, AIG, Aviva, Allstate, Swiss RE, Prudential Financial, Travelers, AIA, Aflac, Legal and General
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
142
Number of Tables & Figures
100
Customization Available
Yes, the report can be customized as per your need.
Global Term Life Insurance Market Report Segments:
The global Term Life Insurance market is segmented on the basis of:
Types
Renewable Term Life Insurance, Return Premium Term life insurance
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Agency, Brokers, Bancassurance, Digital and Direct Channels
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Allianz
- AXA
- Generali
- Ping An Insurance
- China Life Insurance
- Prudential PLC
- Munich Re
- Zurich Insurance
- Nippon Life Insurance
- Japan Post Holdings
- Berkshire Hathaway
- Metlife
- Manulife Financial
- CPIC
- Chubb
- AIG
- Aviva
- Allstate
- Swiss RE
- Prudential Financial
- Travelers
- AIA
- Aflac
- Legal and General
Highlights of The Term Life Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Renewable Term Life Insurance
- Return Premium Term life insurance
- By Application:
- Agency
- Brokers
- Bancassurance
- Digital and Direct Channels
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Term Life Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Term life insurance is a type of life insurance that provides coverage for a set period of time, typically 10 or 20 years. The policyholder pays premiums every month and the insurer pays out a death benefit if the policyholder dies during the term of the policy.
Some of the major players in the term life insurance market are Allianz, AXA, Generali, Ping An Insurance, China Life Insurance, Prudential PLC, Munich Re, Zurich Insurance, Nippon Life Insurance, Japan Post Holdings, Berkshire Hathaway, Metlife, Manulife Financial, CPIC, Chubb, AIG, Aviva, Allstate, Swiss RE, Prudential Financial, Travelers, AIA, Aflac, Legal and General.
The term life insurance market is expected to grow at a compound annual growth rate of 6.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Term Life Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Term Life Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Term Life Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Term Life Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Term Life Insurance Market Size & Forecast, 2018-2028
4.5.1 Term Life Insurance Market Size and Y-o-Y Growth
4.5.2 Term Life Insurance Market Absolute $ Opportunity
Chapter 5 Global Term Life Insurance Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Term Life Insurance Market Size Forecast by Type
5.2.1 Renewable Term Life Insurance
5.2.2 Return Premium Term life insurance
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Term Life Insurance Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Term Life Insurance Market Size Forecast by Applications
6.2.1 Agency
6.2.2 Brokers
6.2.3 Bancassurance
6.2.4 Digital and Direct Channels
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Term Life Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Term Life Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Term Life Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Term Life Insurance Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Term Life Insurance Market Size Forecast by Type
9.6.1 Renewable Term Life Insurance
9.6.2 Return Premium Term life insurance
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Term Life Insurance Market Size Forecast by Applications
9.10.1 Agency
9.10.2 Brokers
9.10.3 Bancassurance
9.10.4 Digital and Direct Channels
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Term Life Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Term Life Insurance Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Term Life Insurance Market Size Forecast by Type
10.6.1 Renewable Term Life Insurance
10.6.2 Return Premium Term life insurance
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Term Life Insurance Market Size Forecast by Applications
10.10.1 Agency
10.10.2 Brokers
10.10.3 Bancassurance
10.10.4 Digital and Direct Channels
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Term Life Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Term Life Insurance Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Term Life Insurance Market Size Forecast by Type
11.6.1 Renewable Term Life Insurance
11.6.2 Return Premium Term life insurance
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Term Life Insurance Market Size Forecast by Applications
11.10.1 Agency
11.10.2 Brokers
11.10.3 Bancassurance
11.10.4 Digital and Direct Channels
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Term Life Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Term Life Insurance Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Term Life Insurance Market Size Forecast by Type
12.6.1 Renewable Term Life Insurance
12.6.2 Return Premium Term life insurance
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Term Life Insurance Market Size Forecast by Applications
12.10.1 Agency
12.10.2 Brokers
12.10.3 Bancassurance
12.10.4 Digital and Direct Channels
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Term Life Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Term Life Insurance Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Term Life Insurance Market Size Forecast by Type
13.6.1 Renewable Term Life Insurance
13.6.2 Return Premium Term life insurance
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Term Life Insurance Market Size Forecast by Applications
13.10.1 Agency
13.10.2 Brokers
13.10.3 Bancassurance
13.10.4 Digital and Direct Channels
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Term Life Insurance Market: Competitive Dashboard
14.2 Global Term Life Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Allianz
14.3.2 AXA
14.3.3 Generali
14.3.4 Ping An Insurance
14.3.5 China Life Insurance
14.3.6 Prudential PLC
14.3.7 Munich Re
14.3.8 Zurich Insurance
14.3.9 Nippon Life Insurance
14.3.10 Japan Post Holdings
14.3.11 Berkshire Hathaway
14.3.12 Metlife
14.3.13 Manulife Financial
14.3.14 CPIC
14.3.15 Chubb
14.3.16 AIG
14.3.17 Aviva
14.3.18 Allstate
14.3.19 Swiss RE
14.3.20 Prudential Financial
14.3.21 Travelers
14.3.22 AIA
14.3.23 Aflac
14.3.24 Legal and General
