The U.S. group level term insurance market size is expected to reach USD 10.57 billion by 2030, growing at a CAGR of 6.2% from 2023 to 2030. Insurers are incorporating technology and digitizing their processes to make the underwriting process faster, more efficient, and more accessible to consumers. This has made it easier for businesses to purchase group term insurance policies, positively impacting the market.
In today's competitive insurance market, insurers continuously seek ways to differentiate themselves from their competitors and provide value to their customers. One way they are doing this is by introducing new products that meet the changing needs of consumers. This includes customized coverage options, flexible payment structures, and value-added services.
In May 2020, The Guardian Life Insurance Company of America introduced a new feature in its Guardian's level term life insurance, a charitable benefit rider that is built into the policy. This rider allows policyholders to donate a portion of their life insurance proceeds to a charity of their choice. It enables them to support causes they care about while still providing for their loved ones.
The COVID-19 pandemic has significantly impacted the market. Many businesses realized the importance of offering comprehensive employee benefits to attract and retain top talent, and group-level term insurance is becoming an increasingly popular option. With more companies offering this benefit, the demand for group-level term insurance policies is also increasing, leading to growth in the market.
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In today's competitive insurance market, insurers continuously seek ways to differentiate themselves from their competitors and provide value to their customers. One way they are doing this is by introducing new products that meet the changing needs of consumers. This includes customized coverage options, flexible payment structures, and value-added services.
In May 2020, The Guardian Life Insurance Company of America introduced a new feature in its Guardian's level term life insurance, a charitable benefit rider that is built into the policy. This rider allows policyholders to donate a portion of their life insurance proceeds to a charity of their choice. It enables them to support causes they care about while still providing for their loved ones.
The COVID-19 pandemic has significantly impacted the market. Many businesses realized the importance of offering comprehensive employee benefits to attract and retain top talent, and group-level term insurance is becoming an increasingly popular option. With more companies offering this benefit, the demand for group-level term insurance policies is also increasing, leading to growth in the market.
U.S. Group Level Term Insurance Market Report Highlights
- The tied agents and branches segment dominated the market in 2022. Agents and branches are often affiliated with established insurance companies that have a strong reputation in the market. This helps to build trust with customers, who are more likely to purchase insurance policies from companies they recognize and trust.
- The brokers segment is expected to grow at the fastest rate over the forecast period. Brokers have access to a broad range of insurance policies and carriers, which allows them to find the best coverage options at competitive prices. This makes them a preferred choice for many businesses seeking group term life insurance for their employees.
- Market players are driving the U.S. group level term insurance market by introducing innovative products and technologies, expanding their distribution channels, and partnering with other players to increase their market share. In addition, players are offering competitive pricing, flexible coverage options, and customized solutions to meet the evolving needs of customers.
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Table of Contents
Chapter 1 Methodology and Scope1.1. Market Segmentation & Scope
1.2. Market Definitions
1.3. Research Methodology
1.4. Research Assumptions
1.5. List of Data Sources
1.5.1. Secondary Sources
1.5.2. Primary Sources
Chapter 2 Executive Summary
2.1. Market Snapshot
2.2. Segment Snapshot
2.3. Competitive Landscape Snapshot
Chapter 3 Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. U.S. Group Level Term Insurance Market Value Chain Analysis
3.3. U.S. Group Level Term Insurance Market Market Dynamics
3.3.1. Market Driver Analysis
3.3.1.1. Increasing demand for group level term insurance policies across the U.S.
3.3.1.2. Growing technological advancements along with customized group term insurance policies
3.3.2. Market Restraint/Challenge Analysis
3.3.2.1. Limitations of group level insurance coverage
3.3.3. Market Opportunity Analysis
3.3.3.1. Increasing emphasis on employee benefits
3.4. U.S. Group Level Term Insurance Market - Porter’s Five Forces Analysis
3.5. U.S. Group Level Term Insurance Market - PESTEL Analysis
3.6. Impact of COVID-19 on the U.S. Group Level Term Insurance Market
Chapter 4 U.S. Group Level Term Insurance Distribution Channel Outlook
4.1. U.S. Group Level Term Insurance Market Share By Distribution Channel, 2022
4.2. Tied Agents and Branches
4.2.1. U.S. group level term insurance market by tied agents and branches, 2017 - 2030
4.3. Brokers
4.3.1. U.S. group level term insurance market by brokers, 2017 - 2030
4.4. Others
4.4.1. U.S. group level term insurance market by others, 2017 - 2030
Chapter 5 Competitive Landscape
5.1. Key Market Participants
5.1.1. Metlife
5.1.2. Prudential Financial, Inc.
5.1.3. Lincoln National Corporation
5.1.4. Unum Group
5.1.5. New York Life Insurance Company
5.1.6. Voya Services Company
5.1.7. United Healthcare Services, Inc.
5.1.8. Securian Financial Group, Inc.
5.1.9. Reliance Standard Life Insurance Co.
5.1.10. The Guardian Life Insurance Company of America
5.2. Key Company Market Share Analysis, 2022
5.3. Company Categorization/Position Analysis, 2022
5.4. Company Heat Map Analysis, 2022
5.5. Strategic Mapping
5.5.1. Expansion
5.5.2. Acquisition
5.5.3. Collaborations
5.5.4. Product/service launch
5.5.5. Partnerships
5.5.6. Others
List of Tables
Table 1. U.S. group level term insurance market - Industry snapshot & key buying criteria, 2017 - 2030
Table 2. U.S. group level term insurance market, 2017 - 2030 (USD Million)
Table 3. U.S. group level term insurance market, by distribution channel, 2017 - 2030 (USD Million)
Table 4. U.S. group level term insurance market by tied agents and branches, 2017 - 2030 (USD Million)
Table 5. U.S. group level term insurance market by brokers, 2017 - 2030 (USD Million)
Table 6. U.S. group level term insurance market by others, 2017 - 2030 (USD Million)
List of Figures
Fig. 1 Market segmentation and scope
Fig. 2 US group level term insurance market, 2017 - 2030 (USD Million)
Fig. 3 US group level term insurance market - Value chain analysis
Fig. 4 US group level term insurance market - Market dynamics
Fig. 5 US group level term insurance market - Key market driver impact
Fig. 6 US group level term insurance market - Key market challenge impact
Fig. 7 Key opportunities prioritized
Fig. 8 US group level term insurance market - Porter’s five forces analysis
Fig. 9 US group level term insurance market - Company market share analysis, 2022
Fig. 10 US group level term insurance market - PESTEL analysis
Fig. 11 US group level term insurance market, by distribution channel, 2022
Companies Mentioned
- Metlife
- Prudential Financial, Inc.
- Lincoln National Corporation
- Unum Group
- New York Life Insurance Company
- Voya Services Company
- United Healthcare Services, Inc.
- Securian Financial Group, Inc.
- Reliance Standard Life Insurance Co.
- The Guardian Life Insurance Company of America
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | March 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 6.63 Billion |
| Forecasted Market Value ( USD | $ 10.57 Billion |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | United States |
| No. of Companies Mentioned | 10 |
