Increasing awareness among consumers about life insurance, declining life expectancy and ease of availability are fueling the demand for life insurance in the United States. According to TechSci Research report, “United States Life Insurance Market – By Region, Competition Forecast and Opportunities, 2018-2028F”, The United States life insurance market is to witness significant growth during the forecasted period, owing to the declining life expectancy in the country, and increasing awareness among consumer about the necessity and benefits of life insurance. Moreover, the rising government initiatives are driving the market of the United States life insurance market.
The Important Factors of the United States Life Insurance Market
In the US, smoking cigarettes and being around smokers are the two leading causes of premature death. They can make people more vulnerable to developing diseases such as cancer, heart disease, stroke, lung disease, etc.
As per the data provided by the Centers for Disease Control and Prevention, more than 16 million Americans are living with a disease caused by smoking. In the United States, cigarette smoking is responsible for more than 480,000 deaths annually, including more than 41,000 deaths from exposure to secondhand smoke. This amounts to around 1 in 5 deaths annually or 1,300 deaths per day. Thus, with the increase in deaths due to smoking and other diseases, more and more people are purchasing life insurance packages that can provide economic support to their families after their deaths.
Life insurance is obtained by people from various socioeconomic backgrounds, both single and married.. More than eight out of ten American families are protected by life insurance in some form. Most life insurance policyholders are family breadwinners who wish to ensure that, in the event of their passing, the financial needs of dependents, such as a spouse, children, or elderly parents, are taken care of.
However, many individuals often buy life insurance to accumulate savings for future occasions, like retirement, paying for college, or paying inheritance taxes. The market for life insurance has seen a rise in the proportion of women in recent years. Women are heading to more and more homes today. Homemakers take life insurance policies to ensure that funds will be available for child care and household maintenance, in the case of their death.
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The United States Life Insurance market is segmented on the basis of type of insurance, premium type, type of coverage, term of coverage, mode of purchase, and by the end user. Based on the type of insurance the market is segmented into public vs private. On the basis of premium type, the market is divided into regular and single. Based on the type of coverage, the market is fragmented into individuals and groups. Further, based on terms of coverage, the market is divided into term, whole. On the basis of the mode of purchase, the market is divided into insurance agents/brokers, insurance companies, and others including insurance companies, third parties, etc. By end user, the market is fragmented into minors, adults, and senior citizens.
Term life insurance, which offers reasonable, fixed-cost, temporary financial protection for a period of five to thirty years, will witness high demand during the forecasted period. The optimum use for this kind of life insurance is to cover short-term financial necessities including debt repayment, income replacement, childcare expenses, and funding your child’s schooling.
Major operating companies operating in the United States Life Insurance Market are:
- Haven Life Insurance Agency LLC
- Northwestern Mutual Investment Services, LLC
- Guardian Life Insurance Co Of America
- Transamerica Corp
- MassMutual Holding LLC
- Prudential Financial, Inc.
- Banner Life Insurance Co
- Legal & General Investment Management America, Inc.
- Nationwide Mutual Insurance Co.
- John Hancock Life Insurance Co USA
To develop better customer reach and cater to different consumer groups, many brands are acquiring other brands to capture a larger market share. For instance, Great American Life Insurance Company, a wholly-owned subsidiary of American Financial Group, Inc., as well as other subsidiaries and affiliated companies, were acquired by Massachusetts Mutual Life Insurance Company MassMutual Holding LLC for about USD 3.5 billion, in 2021.
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“The market for life insurance in the United States is being driven by the country’s diminishing life expectancy as a result of an increase in premature deaths, which are primarily driven on by smoking and tobacco usage, which causes cancer and heart disease. The life insurance industry in the United States is also expanding due to increased awareness and the accessibility of various life insurance policies. s” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
United States Life Insurance Market, By Type of Insurance Provider (Public Vs Private), By Premium Type (Regular Vs Single), By Type of Coverage (Individual, Group), By Term of Coverage (Term Vs Whole), By Mode of Purchase (Insurance Agents/Brokers, Insurance Companies, Others (Insurance Companies, Third Party, etc.)), By End User (Minors, Adults, Senior Citizens), By Region, By Company, Forecast & Opportunities, 2018-2028F, has evaluated the future growth potential of the United States Life Insurance market and provides statistics & information on market size, structure, and future market growth. the report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Life Insurance in the United States.
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