The promising benefits and all-time high industry demand trends due to rising life uncertainties are anticipated to provide opportunities for the permanent life insurance market.
The permanent life insurance is type of insurance policy that provides total coverage for life along with guaranteed premiums after the maturity date or in case of death of the policyholder. This type of policy does not expire for the whole lifetime. The benefits offered by the permanent life insurance policy include guaranteed premiums, loans on the cash value, tax free benefits, provision of policy that allows using the cash value while still being alive.
As a result of the influential industry trends, the global permanent life insurance market is projected to record revenue of worth USD 1173 Billion by 2028 and is expected to grow at an annual rate of 9.3% from 2021 to 2028. The purpose of the permanent life insurance is to facilitate total life coverage at affordable rates along with several other benefits. Insurance policy that offers loans on the cash value can also be classed under permanent life insurance policy.
Looking at the industry trends in the global permanent life insurance market, it is evident that the market is attractive and may see huge progress in the forthcoming years. The factors such as life insurance benefits after death, loan over the cash value, life-time insurance coverage are the primary reasons for growth in the market. Also, other market influencers like competitive offerings, and more tax benefits compared to other life insurance policies are boosting the global permanent life insurance market exponentially.
Also, permanent life insurances when combined with tax benefits and loan benefits offer thrice the return on investments to the customers as well as the providers. This is helping the market players strengthen their presence in the global permanent life insurance market.
Adroit Market Research report on the global permanent life insurance market presents a detailed study of the market covering all the regions and segments contributing to the growth of the market. The market performance of each segment and market region is examined by using Porter’s Five Forces Model and SWOT analysis. These methods help determine the strengths, weakness, challenges and opportunities for the market players in every segment and region.
The base year considered for studying the market is 2020, whereas the historic years are 2018-2020, and predicted growth rate for the forecast years are 2021-2028. The competitive landscape of the global permanent life insurance policies market and industry trends impacting the market are discussed in detail in the report. The major players, profiles, product portfolios, price ranges, and market strategies are explained in the report. The companies to stay ahead of the competition and to rank on top of the market provide the best benefits pertaining to the needs of the global industry of permanent life insurance policies market.
The non-participating whole life segment in the permanent life insurance policies market has held the largest market value due to the factors like Lifetime death benefit protection, guaranteed cash values, and guaranteed premiums are provided to the insurer. These features are projected to secure beneficial position with high likelihood of revenue profits for this segment in the foreseeable times as well.
The agency segment has gathered the maximum market share in the global permanent life insurance policies market and is projected to witness good growth in the forthcoming years. The key reasons boosting market growth of this segment are that there are renowned agencies that offer the best benefits to the policyholder and benefits to the family after death of the policyholder, current industry trends, trust factor, and better investment plans than other providers.
The North American region is the key region leading revenue profits in the global permanent life insurance market. There are several reasons contributing to the growth of this region such as presence of premium policy providers, growing awareness of protecting family financially, high disposable income groups, and highly educated population adopting the permanent life insurance policies. Also, the APAC and MEA regions are also witnessing good growth in the market due to increasing demand for permanent life insurance policies and rising awareness among the educated and working families.
The best whole life insurance providers offering lifetime insurance policies with total life coverage and saving benefits are Northwestern Mutual, MassMutual, New York Life, State Farm, and Guardian. The market is comprised of traditional and emerging players.
Key Segments of the Global Permanent Life Insurance Market
Application Overview, 2018-2028 (USD Billion)
- Digital & Direct Channels
Type Overview, 2018-2028 (USD Billion)
- Non-participating Whole Life
- Participating Whole Life
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa