About Whole of Life Assurance
A Whole of Life Assurance policy, also known as permanent life insurance, provides life insurance coverage until the life assured dies. The policy remains in effect as long as the life assured pays the premiums. The sum assured or coverage is determined at the time of policy purchase and is paid to the nominee when the life assured dies. A whole life insurance policy is a one-of-a-kind type of life insurance policy. The primary goal of whole life insurance is to help the life assured live a worry-free life while leaving a legacy for their heirs. Whole life insurance policies come in a variety of forms. The policyholder can choose between a traditional whole life policy and a unit linked plan. Traditional Whole Life plans are divided into two types participating and non-participating.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
The market for Whole Life Insurance is highly competitive with several global as well as local players in the market. The global players are trying various strategies such as product innovation and using various marketing strategies to gain a higher market share Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Whole of Life Assurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Allianz (Germany), AXA (France), American Intl. Group (United States), Aviva (India), Zurich Financial Services (Switzerland), Nationwide (United States), New York Life (United States), Ohio National Financial Services, Inc. (United States), MetLife (United States), The Guardian Life Insurance Company of America (United States), MassMutual (United States), Mutual of Omaha (United States), Penn Mutual (United States), State Farm Life Insurance (United States) and Northwestern Mutual (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Whole of Life Assurance market by Type (Non-Participating Whole Life Insurance, Participating Whole Life Insurance, Level Premium Whole Life Insurance, Limited Payment Whole Life Insurance, Single Premium and Indeterminate Premium), Application (Individual and Group) and Region.
On the basis of geography, the market of Whole of Life Assurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Sales Channel, the sub-segment i.e. Agents will boost the Whole of Life Assurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Whole of Life Assurance Market Dynamics:
Attributes | Details |
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Growth Drivers | - Increasing Disposable Income Of People
- Rising Adoption Of Whole Life Insurance To Secure Financial Losses
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Influencing Trends | - Integration Of Advance Technology Such As Artificial Intelligence And Automation Technologies For Faster Claims Processing
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Restraints | - Lack Of Awareness About Whole Life Insurance And Complex Insurance Products
- Regulatory Guidelines And Standards With Whole Life Insurance
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Road Blocks / Challenges | - Stiff Competition In The Whole Life Insurance Market
- High-Cost Insurance Premium Rates Involved In Whole Life Insurance Market
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Gaps & Opportunities | - Increasing Consumption Of Whole Life Insurance Among The Working Class People
- Surging Demand For Whole Life Insurance From The Developing Countries
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On 4 January 2022, Ohio National is pleased to introduce its latest line of whole life insurance products. The new Prestige Series is focused on delivering lower-cost, permanent protection to individuals and businesses.
Key Target Audience
New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.