With an expected annual growth rate of 9.3% from 2021 to 2028, the size of the global permanent life insurance market is predicted to reach its highest level, totaling more than 1173 USD billion.
There is a combination of factors attributed to such an impressive growth hike, lifetime coverage, more tax benefits compared to other life insurance policies, novel value addition services, stern competitiveness backed by new market disruptions. Additionally, huge returns on investment in the policies are also boosting the global permanent life insurance market.
However, high costs, inflexibility, longer time to build cash in value, loans subject to interest, are some key reasons which mar the global permanent life insurance market growth outlook. Alternatively, entire lifetime policy, tax breaks, potential loan collateral are anticipated to provide opportunities for the global permanent life insurance market.
Permanent life insurance offerings are designed to extend coverage throughout the lifetime e of the policy holders. Customers usually trigger whole life insurance policy for lifelong life insurance protection, to leave financial legacy to heirs after death, or to take loan on cash value. For example, whole life insurance lifelong coverage and opportunity to build cash value. The policy that offers death benefit cash value that is paid to the beneficiaries after one passes away is referred to permanent life insurance.
The purpose of the permanent life insurance is to facilitate total life coverage at affordable rates along with several other benefits. A cash value of a policy that earns interest and can be withdrawn or borrowed during emergency cases is also classed under the benefit of permanent life insurance policy. The global permanent life insurance market exhibits both amateur market participants and established veterans. The competition is fierce among the new entrants and traditional players racing to provide premium policies to the customers. Also, emerging players are providing healthy offerings for the insurance in the market.
The best permanent life insurance policies offering lifetime insurance coverage comprising life coverage and saving benefits are Northwestern Mutual, MassMutual, New York Life, State Farm, and Guardian. These companies are highly ranked because they provide the best benefits and thus rank top in the global permanent life insurance policies market competition graph. They have scored handsomely in the high customer satisfaction ranking. Some even have blended term and life insurance covers.
Permanent Life Insurance Market Scope
|Revenue forecast in 2028
|USD 1173 billion
|CAGR of 9.3 % during 2018-2028
|Product Type, Applications, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Northwestern Mutual, MassMutual, New York Life, State Farm, and Guardian.
Key Segments of the Global Permanent Life Insurance Market
Application Overview, (USD Billion)
- Digital & Direct Channels
Type Overview, (USD Billion)
- Non-participating Whole Life
- Participating Whole Life
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa
Reasons for the study
- To present the threats and weaknesses of the global permanent life insurance market along with the strengths, weaknesses, new market opportunities, and underlying external and internal threats to market players so as to improve their navigational objectives concerning new growth opportunities in the global permanent life insurance market.
- To ensure you inculcate the market insights such as past & present market development, forecasts, segmentation, competitive landscape, industry value chain, and Covid-19 impact analysis.
What does the report include?
- Facts related to each product and segment in the market along with the sales price, annual revenue, and estimated growth rate in forecasted years.
- The report includes the concerning market forces influencing the competitiveness of the segments and subsequent impact on the revenue graph of the segments.
- The report included the government’s role in encouraging the manufacturing, research and development of the global permanent life insurance market at international level.
- Market size information classified based by region and segments and future forecasts for each segment and region.
Who should buy this report?
- The report is beneficial for the market players such as insurers, companies, customers, and insurance providers.
- The report is also designed to guide appropriate decision making among professionals in the field of insurance policies, new employees, and other interested public seeking for cutting-edge knowledge in the global permanent life insurance market.
Frequently Asked Questions (FAQ) :
The growing focus on getting life insurance benefits after death, loan over the cash value, to get coverage for life-time are the key reasons driving the global permanent life insurance policies market. The global market for permanent life insurance is becoming the primary insurance policy as it delivers huge benefits to the beneficiaries after death. Permanent life insurance policies also enable favorable savings at a guaranteed rate along with tax free benefits.
The growing focus of small, large, and medium income homes to buy permanent life insurance policies for getting lifetime benefits and protect the family after death is accelerating the use of permanent life insurance policies worldwide thereby driving the growth of the global permanent life insurance market.
Also, permanent life insurance allows users to get loans on the cash value and the premiums of the policies never change. An increasing number of people are adopting permanent life insurance policies given the tremendous benefits offered by the policies to the person and the family.
The non-participating whole life segment type of the permanent life insurance market is dominating the global industry and is expected to gather strong value in future. The reason for the market growth of this segment is that it gives guaranteed benefits to the policyholders after the policyholder’s death, survival or even when the policy reaches maturity.
The agency application segment has recorded the maximum share in the global permanent life insurance policies market in the past years and is also expected to carry the legacy in the coming years. The key reasons for the growth are the current industry trends, trust factor, better investment plans, and other benefits. The segment is speculated to extend exponential growth in throughout the projected growth timeline.
The North American region is harnessing the largest revenue share in the global permanent life insurance market. The growth of the market in this region is backed by various factors such as industry trends, presence of premium and trusted insurance policy providers, high disposable incomes families, growing awareness for protecting the family after sudden death or get cash value in case of emergency. Also, APAC and MEA have also demonstrated good growth in the market due to changing industry trends.