Indexed and Whole Juvenile Life Insurance Global Market Report 2024

The indexed and whole juvenile life insurance market size has grown rapidly in recent years. It will grow from $23.37 billion in 2023 to $26.71 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historical period can be ascribed to a rise in the young population, heightened awareness regarding the advantages of indexed and whole juvenile life insurance, an increase in disposable income, and evolving regulatory scenarios.

The indexed and whole juvenile life insurance market size is expected to see rapid growth in the next few years. It will grow to $43.77 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be linked to the rising trend of globalization, growing urbanization, shifting lifestyles, increased disposable income, and a growing demand for the protection of young children. Major trends anticipated in the forecast period include the utilization of technology and digital platforms, a surge in demand for flexibility and personalization, the introduction of customizable policies, and strategic collaborations.

The anticipated growth of the indexed and whole juvenile life insurance market is expected to be propelled by the increasing younger population. The term 'younger population' refers to individuals in the lower age groups within a given population. Indexed and whole juvenile life insurance can offer numerous advantages to the younger population, given that permanent life insurance provides coverage for the insured individual's entire lifetime. For instance, as of August 2022, the United Nations reported a current count of 1.2 billion young people aged 15 to 24, constituting 16% of the world population. Projections indicate that by 2030, the number of young people is expected to grow by 7% to approximately 1.3 billion. Therefore, the increasing younger population is a driving force behind the growth of the indexed and whole juvenile life insurance market.

The expected growth of the indexed and whole juvenile life insurance market is also attributed to the increasing expenses related to education. Educational expenses encompass the costs associated with obtaining education and training, typically at educational institutions such as schools, colleges, universities, or other specialized training centers. Indexed and whole juvenile life insurance can prove valuable in addressing the surge in educational expenses by providing a financial resource for education-related costs. For example, in July 2023, as reported by UTS Online, a provider of online education based in Australia, several countries are expected to encounter inflation rate hikes ranging from 3–10%, with certain nations facing increases of 40% or more. Additionally, the United States struggled with a cumulative outstanding student loan debt of $1.76 trillion in 2022. On average, OECD countries allocate approximately USD$11,700 per student for education covering primary to tertiary levels. Therefore, the escalating educational expenses are contributing to the growth of the indexed and whole juvenile life insurance market.


Innovative platforms are a prominent trend gaining traction in the indexed and whole juvenile life insurance market. Leading companies within the market are strategically focusing on the development of new platforms to maintain their competitive edge. For example, in September 2022, PolicyAdvisor, an online insurance marketplace based in Canada, introduced the first-ever online platform for children's life insurance. PolicyAdvisor.com has become the exclusive brokerage in Canada offering swift online pricing, comparisons, and digital purchases for whole life insurance policies designed for children under 18. Children's whole life insurance provides lifelong protection for the insured child, and due to the young age, the associated premiums are typically low.

Prominent companies in the indexed and whole juvenile life insurance market are adopting new strategies, including strategic partnerships, to fortify their market position. Strategic partnerships play a crucial role in enhancing the success and expansion of providers in the indexed and whole juvenile life insurance sector by leveraging the strengths and expertise of diverse partners. In September 2023, AU Small Finance Bank, an India-based small finance bank, and Bajaj Allianz Life Insurance, an India-based life insurance company, announced their strategic partnership. This collaboration aims to empower a broad spectrum of AU Small Finance Bank's customers by providing access to Bajaj Allianz Life's comprehensive suite of life insurance products, addressing their essential need for financial security. The partnership extends the reach to a significantly wider customer base through the bank's 1038 touchpoints, supported by cutting-edge, modern services and a digital-first strategy.

In January 2023, Mutual of America Financial Group, a US-based provider of retirement services and investments to employers, completed the acquisition of Landmark Life Insurance Company for an undisclosed amount. Through this acquisition, Mutual of America Financial Group Inc. seeks to enhance its operational capabilities and facilitate strategic transactions that better serve individuals in the guaranteed retirement income sector. Landmark Life Insurance Company is a US-based insurance service provider offering term-indexed and whole juvenile life insurance, whole life insurance, and universal life insurance policies with flexible premium payments and death benefits.

Major companies operating in the indexed and whole juvenile life insurance market report are China Ping An Insurance (Group) Co. Ltd., China Life Insurance Company, Axa S.A., Assicurazioni Generali SpA, Reliance Nippon Life Insurance Company Limited, MetLife Services and Solutions LLC, The Dai-ichi Life Insurance Company Limited, China Pacific Insurance Co. Ltd., New York Life Insurance, Nationwide Mutual Insurance Company, American International Group Inc., Allstate Insurance Company, Zurich Insurance Group Ltd., Aegon Life Insurance Company, Aviva PLC, Pacific Life Insurance Company, Allianz SE, Bright House Financial Inc., Transamerica Corporation, Voya Financial Inc., Globe Life Inc., Penn Mutual Life Insurance Company, Munich Re Group, Symetra Life Insurance Company, Sumitomo Life Insurance Company, Protective Insurance Corporation, Colonial Penn Life Insurance Company, Gerber Life Insurance Company, Bestow Inc., Assurity Life Insurance.

Asia-Pacific was the largest region in the indexed and whole juvenile life insurance market in 2023. The regions covered in the indexed and whole juvenile life insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the indexed and whole juvenile life insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary categories of indexed and whole juvenile life insurance include survival insurance, death insurance, and full insurance. Survival insurance involves a policy that pays a lump sum to the insured individual upon reaching a specific age or surviving a predetermined period, serving as a financial resource for retirement or other long-term goals. These policies come in various types, including traditional and non-traditional, and are distributed through channels such as direct distribution, agency distribution, and online distribution. The insurance is applicable to various age groups, including those below 10 years old and those aged 10–18 years old.

The indexed and whole juvenile life insurance market research report is one of a series of new reports that provides indexed and whole juvenile life insurance market statistics, including indexed and whole juvenile life insurance industry global market size, regional shares, competitors with an indexed and whole juvenile life insurance market share, detailed indexed and whole juvenile life insurance market segments, market trends and opportunities, and any further data you may need to thrive in the indexed and whole juvenile life insurance industry. This indexed and whole juvenile life insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The indexed and whole juvenile life insurance market includes revenues earned by entities by providing services such as lifelong coverage, index or inflation adjustment, and death benefit. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.