The whole life insurance market size has grown strongly in recent years. It will grow from $3.92 trillion in 2024 to $4.26 trillion in 2025 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to policy stability and guarantees, long-term financial security, legacy and estate planning, inflation hedge, conservative investment option.
The whole life insurance market size is expected to see strong growth in the next few years. It will grow to $5.9 trillion in 2029 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to personalized solutions, increased longevity concerns, wealth transfer and estate planning, health and wellness incentives, shift in consumer preferences. Major trends in the forecast period include customization and personalization, innovative product offerings, tech integration in underwriting, evolving customer preferences, wealth transfer and estate planning.
The anticipated surge in the aging population is set to be a driving force behind the growth of the whole life insurance market. This demographic shift denotes an increase in the proportion of individuals aged 65 and above within a society. Whole life insurance emerges as a crucial financial tool for this demographic, providing lifelong coverage, cash value accumulation, and potential estate planning benefits. By October 2022, the World Health Organization projected a significant demographic change, estimating that by 2030, one out of every six individuals globally would be 60 years old or older. This demographic is expected to grow from 1 billion in 2020 to 1.4 billion by 2030, with projections doubling by 2050, reaching 2.1 billion. Thus, the expanding aging population propels the whole life insurance market.
The ongoing trend of urbanization is projected to drive the whole life insurance market. Urbanization signifies the transformation of rural areas into urban regions due to economic development and industrialization. Whole life insurance addresses the financial needs arising from urbanization by offering stable, long-term coverage and investment components, aligning with the evolving financial goals of urban residents. As of April 2023, over half of the global population resides in urban areas, and this figure is anticipated to grow to 6 billion by 2045, marking a 1.5 times increase. Hence, the surging urbanization contributes to the expansion of the whole life insurance market.
Leading companies in the whole life insurance sector are prioritizing the integration of advanced technologies to streamline operations and bolster their market presence. For example, Modern Life Insurance Group Inc., in December 2022, unveiled its latest technology platform. This platform equips life insurance advisors with an array of state-of-the-art tools and solutions within a new stack, facilitating comprehensive management of client needs and brokerage functions. These advancements include enhanced customer engagement, entirely digital applications, and comparison and pricing capabilities.
Prominent companies in the whole life insurance domain are offering comprehensive insurance products tailored to local customer needs. Specifically, insurance plans with incremental death benefits guarantee a progressively increasing death benefit payable to beneficiaries over time. In August 2023, China Pacific Life Insurance Company Limited introduced the 'Ever-growing Whole Life Insurance Plan.' This product features protection and savings functions, ensuring that the death benefit, if the insured passes away after the premium payment period, will not fall below a specified percentage of the Notional Amount, ensuring continuously increasing life protection. The plan offers flexible options such as Currency Conversion, Terminal Dividend Lock-in, and Regular Withdrawal, catering to individualized financial planning needs.
In January 2024, Obra Capital, a US-based general insurance company, acquired Unified Life Insurance for an undisclosed amount. This acquisition is intended to bolster Obra Capital's position in the insurance market by broadening its portfolio of financial products and services, improving operational capabilities, and offering a wider range of insurance solutions to better meet customer needs. Unified Life Insurance, also based in the US, specializes in whole life insurance and other life insurance products, enabling Obra Capital to diversify its offerings and explore new market segments centered on long-term financial security and wealth accumulation for its customers.
Whole life insurance, also known as permanent life insurance, refers to insurance plans that encompass an investment component and are intended to provide coverage until the policyholder's death. Unlike term life insurance, which covers a specific period, whole life insurance offers a death benefit upon the policyholder's demise, provided the required premiums are consistently paid. Premiums for a whole life insurance policy contribute to both an investment account and the policy's guaranteed death benefit.
The primary types of whole life insurance include non-participating whole life and participating whole life. Non-participating whole life insurance doesn't offer dividends to policyholders, typically leading to lower premiums. Various distribution channels facilitate the sale of these insurance plans, including agencies, brokers, bancassurance (selling insurance through banks), and digital or direct channels.
The whole life insurance market research report is one of a series of new reports that provides whole life insurance market statistics, including whole life insurance industry global market size, regional shares, competitors with whole life insurance market share, detailed whole life insurance market segments, market trends, and opportunities, and any further data you may need to thrive in the whole life insurance industry. This whole 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.
Major companies operating in the whole life insurance market include China Life Insurance Company Limited, MetLife Inc., Ping An Insurance Company of China Ltd., Allianz Life Insurance, Axa SA, Generali Group, Munich Re Group, Zurich Insurance Group Ltd., Nippon Life Insurance Company, Japan Post Holdings Company Ltd., Berkshire Hathaway Inc., Manulife Financial Corporation, China Pacific Insurance Co. Ltd., Chubb Corp., American International Group, Aviva Plc., Allstate Corporation, Swiss Reinsurance Company Ltd., Prudential Financial Inc., New York Life Insurance Company, Massachusetts Mutual Life Insurance Company, Guardian Life Insurance Company of America, Penn Mutual Life Insurance Company, Ohio National Life Insurance Company, State Farm Mutual Automobile Insurance Company, Pacific Life Insurance Company, John Hancock Financial Services, Principal Financial Group Inc., Nationwide Mutual Insurance Company, Thrivent Financial for Lutherans.
North America was the largest region in the whole life insurance market in 2024. Europe is expected to be the fastest-growing region in the whole life insurance market report during the forecast period. The regions covered in the whole life insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the whole life insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The whole life insurance market includes revenues earned by entities by providing universal life insurance, and variable life insurance. 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.
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Table of Contents
Executive Summary
Whole Life Insurance Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on whole life insurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for whole life insurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The whole life insurance market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include: the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Non-Participating Whole Life; Participating Whole Life2) By Application: Agency; Brokers; Bancassurance; Digital and Direct Channels
Subsegments:
1) By Non-Participating Whole Life: Fixed Premium Non-Participating Whole Life; Level Death Benefit Non-Participating Whole Life; Universal Non-Participating Whole Life2) By Participating Whole Life: Traditional Participating Whole Life; Limited Pay Participating Whole Life; Indeterminate Premium Participating Whole Life
Key Companies Mentioned: China Life Insurance Company Limited; MetLife Inc.; Ping An Insurance Company of China Ltd.; Allianz Life Insurance; Axa SA
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
The major companies featured in this Whole Life Insurance market report include:- China Life Insurance Company Limited
- MetLife Inc.
- Ping An Insurance Company of China Ltd.
- Allianz Life Insurance
- Axa SA
- Generali Group
- Munich Re Group
- Zurich Insurance Group Ltd.
- Nippon Life Insurance Company
- Japan Post Holdings Company Ltd.
- Berkshire Hathaway Inc.
- Manulife Financial Corporation
- China Pacific Insurance Co. Ltd.
- Chubb Corp.
- American International Group
- Aviva Plc.
- Allstate Corporation
- Swiss Reinsurance Company Ltd.
- Prudential Financial Inc.
- New York Life Insurance Company
- Massachusetts Mutual Life Insurance Company
- Guardian Life Insurance Company of America
- Penn Mutual Life Insurance Company
- Ohio National Life Insurance Company
- State Farm Mutual Automobile Insurance Company
- Pacific Life Insurance Company
- John Hancock Financial Services
- Principal Financial Group Inc.
- Nationwide Mutual Insurance Company
- Thrivent Financial for Lutherans
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | April 2025 |
Forecast Period | 2025 - 2029 |
Estimated Market Value ( USD | $ 4.26 Trillion |
Forecasted Market Value ( USD | $ 5.9 Trillion |
Compound Annual Growth Rate | 8.5% |
Regions Covered | Global |
No. of Companies Mentioned | 31 |