Industry Background:
Permanent life insurance is a form of life insurance policy which do not expire through the lifespan with the death benefits, cash value, and saving portion. It is available in four types whole life insurance, universal life insurance, variable universal life insurance, and indexed universal life insurance. It offers coverage for the full lifetime of the insured and grows at a guaranteed rate. The permanent life policy has a premium with a fixed rate that can be higher than the term life.This growth is primarily driven by Demand for Insurance Policies that do not Expire Covering Lifetime of Savings
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Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Life & Health Insurance sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as MetLife, Inc. (United States), Legal & General Group plc (United Kingdom), Berkshire Hathaway Inc (United States), Allianz SE (Germany), Allstate Corporation (United States), Chubb (United States), American International Group (AIG) (United States), Axa S.A. (Equitable) (France), Fidelity National Financial, Inc., (United States), Aflac Inc. (United States), Prudential Financial, Inc. (United States), AIA Group Limited (Hong Kong) and Guardian Life Insurance Company (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 1st March 2021, The Guardian Life Insurance Company of America (Guardian Life) announced an alliance with Protective Life Insurance Company to make Protective Lifetime Assurance Universal Life available through Guardian's financial representatives. The product allows clients to lock in competitively priced premiums for the life of their policy and offers level pricing with the longevity of permanent life insurance. Policyholders can also recoup a portion of their paid premiums, at no added cost, starting at year ten if they decide to cancel the policy.
On 14th October 2021, Fidelity & Guaranty Life Insurance Co. has acquired a 30 percent stake in Freedom Equity Group — an independent marketing organization that focuses on the sale of index universal life (IUL) insurance and index annuities. F&G says it’s acquiring the Arroyo Grande, California-based IMO in an effort to diversify by expanding sales of IUL policies to middle-income consumers.
Influencing Trend:
Increasing Consumption of Permanent Life Insurance among the Working Class People
Market Growth Drivers:
Demand for Insurance Policies that do not Expire Covering Lifetime of Savings and Easy Availability of Life Insurance Policies with the Death Benefits and Cash Value
Challenges:
High-Cost Insurance Premium Rates Involved in Permanent Life Insurance Market
Restraints:
Regulatory Compliances and Standards Involved with Permanent Life Insurance Market
Opportunities:
Surging Demand for Permanent Life Insurance from the Developing Countries and Growing Awareness about the Permanent Life Insurance Market
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Permanent Life Insurance Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Permanent Life Insurance Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols:
By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Permanent Life Insurance players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Permanent Life Insurance Study Sheds Light on
The Permanent Life Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Permanent Life Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Permanent Life Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.