Whole Life Insurance Market Report 2026

The whole life insurance market size has grown strongly in recent years. It will grow from $4.26 trillion in 2025 to $4.6 trillion in 2026 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increasing life expectancy rates, growth in middle-income population, rising awareness of permanent life coverage, expansion of agency and bancassurance channels, stability of traditional insurance products.

The whole life insurance market size is expected to see strong growth in the next few years. It will grow to $6.43 trillion in 2030 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to increasing demand for digitally managed whole life plans, rising focus on intergenerational wealth transfer, expansion of personalized insurance solutions, growing integration of analytics in underwriting, increasing adoption of hybrid savings-insurance products. Major trends in the forecast period include increasing demand for long-term financial security products, rising adoption of digital policy servicing, growing preference for guaranteed return insurance, expansion of flexible premium whole life policies, enhanced focus on estate and legacy planning.

The rising aging population is expected to propel the whole life insurance market. The aging population refers to a demographic shift marked by an increasing proportion of individuals aged 65 and older. Whole life insurance serves as a financial planning tool for this demographic, providing lifetime coverage, cash value accumulation, and potential estate planning benefits. For instance, in October 2025, the Office for National Statistics, a UK-based national statistical authority, reported an estimated 625,000 people aged 90 years or over in the UK in 2024, representing a 2.2% increase since mid-2023. Therefore, the rising aging population is driving the growth of the whole life insurance market.

Companies in the whole life insurance market are developing comprehensive products tailored to the needs of local customers. One example is insurance plans with incremental death benefits, where the death benefit payable to beneficiaries progressively increases over time. In August 2023, China Pacific Life Insurance Company Limited, a China-based insurance group, launched the 'Ever-growing Whole Life Insurance Plan,' which combines protection and savings functions. The incremental feature ensures that the death benefit after the premium payment period will not fall below a percentage of the notional amount, continuously increasing life protection. The plan also offers flexible options such as currency conversion, terminal dividend lock-in, and regular withdrawals to support individual financial planning.

In January 2024, Obra Capital, a US-based general insurance company, acquired Unified Life Insurance for an undisclosed amount. This acquisition strengthens Obra Capital's market position by expanding its portfolio of financial products, enhancing operational capabilities, and offering a broader range of insurance solutions. Unified Life Insurance, a US-based company, specializes in whole life and other life insurance products, allowing Obra Capital to diversify offerings and tap into new segments focused on long-term financial security and wealth accumulation.

Major companies operating in the whole life insurance market are China Life Insurance Company Limited, MetLife Inc., Ping An Insurance Company of China Ltd., Allianz Life Insurance, Axa SA, Generali 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., American International Group, Aviva Plc., Allstate Corporation, 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 2025. 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, South East Asia, 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, Taiwan, 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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