Term Insurance Market: Introduction
Transparency Market Research delivers key insights on the global term insurance market. In terms of revenue, the global term insurance market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global term insurance market report.
In this market report, TMR predicts that simplicity and management flexibility of term insurance policies will have a noteworthy impact on the overall term insurance market. Term insurance premiums are available at lower rates when compared to permanent policies with same amount benefit. This makes them more suitable for lower income groups across the globe. Additionally, term insurance policies are also relatively simple to understand and provide management flexibility to customers such as easy cancellation and shifting to a permanent policy. These factors are driving the popularity of term insurance policies in rapidly advancing regions, especially among the age group of 25 – 35. These are majorly beginners opting for financially secure insurance policies.
Request a sample to get extensive insights into the Term Insurance Market https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=77922
Furthermore, partnerships among policyholders is a key trend in the term insurance industry. Term insurance service providers are becoming partners with the policyholders by accessing their data in order to provide personalized value-added services. Furthermore, term insurance service providers in the market are also taking on the role of a preventer by advising and training their customers to make better healthcare and lifestyle choices.
For instance, AIA Australia linked life and health insurance, along with its wellness program rewards, allowing customers to take proactive actions to understand and improve their health by offering discounted insurance premiums.
In terms of type, the term insurance market has been segmented into level term policy, renewable or convertible, annual renewable term, and mortgage life insurance. During the forecast period, the term insurance market is anticipated to be dominated by the level term policy segment. It provides predictable financial protection, with unchanging premiums or death benefits. This significantly contributes to the level term insurance growth during the future timeline.
Based on buying channel, the term insurance market has been segmented into direct and indirect channel. The direct channel has been further segmented into direct email, call centers, and online company websites. The indirect channel has been segmented into agency, brokers, and online aggregators. The online aggregators segment is anticipated to expand at a significant growth rate during the forecast period, and also contribute to the overall growth of the global term insurance market.
Term Insurance Market: Prominent Regions
Geographically, Asia Pacific led the term insurance market in 2019 and the region is expected to retain its dominance during the forecast period. China and India are considered the major markets for term insurance in the Asia Pacific region. Apart from Asia Pacific, European provinces also significantly contributing to the growth of the global term insurance market.
Term Insurance Market: Key Players
The competition landscape of the term insurance market is highly fragmented with leading players accounting for nearly 20% of the revenue share. Key players operating in the global term insurance market include AIA Group, AIG, Allianz SE, AXA, Berkshire Hathway, Brighthouse Financial, China Life Insurance, Prudential PLC, United Health Group, and Zurich Insurance Group.
To understand how our report can bring difference to your business strategy, Ask for a brochure https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=77922
Term Insurance Market: Segmentation
Term Insurance Market, by Type
- Level Term Policy
- Renewable or Convertible
- Annual Renewable Term
- Mortgage Life Insurance
Term Insurance Market, by Buying Channel
- Direct Channel
- Direct Email
- Call Centers
- Online Company Websites
- Indirect Channel
- Agency
- Brokers
- Online Aggregators
Term Insurance Market, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- France
- U.K.
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
- South America
- Brazil
- Mexico
- Rest of South America
Stuck in a neck-to-neck competition with other brands? Request a custom report on Term Insurance Market https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=77922
Related Reports Press-Release –
- https://www.prnewswire.com/news-releases/travel-and-tourism-market-to-reach-us-13-566-4-billion-by-2027-internet-to-make-travel–tourism-market-fly-high-noted-tmr-300851563.html
- https://www.prnewswire.com/news-releases/microwave-oven-market-to-be-worth-us25-0-bn-by-2022-due-to-desire-of-modular-kitchen-states-tmr-300797161.html
Contact
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: [email protected]
Website: https://www.transparencymarketresearch.com/
