The U.S. Group Level Term Insurance Market was valued at USD 7.32 billion in 2024, and is projected to reach USD 10.57 billion by 2030, rising at a CAGR of 6.50%. 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.
This product will be delivered within 1-3 business days.
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 accounted for the largest share of 55.3% in 2024. 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.
This report addresses:
- Market intelligence to enable effective decision-making.
- Market estimates and forecasts from 2018 to 2030.
- Growth opportunities and trend analyses.
- Segment and regional revenue forecasts for market assessment.
- Competition strategy and market share analysis.
- Product innovation listings for you to stay ahead of the curve.
- COVID-19's impact and how to sustain in this fast-evolving market.
Why Should You Buy This Report?
- Comprehensive Market Analysis: Gain detailed insights into the market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This product will be delivered within 1-3 business days.
Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. U.S. Group Level Term Insurance Market Variables, Trends, & Scope
Chapter 4. U.S. Group Level Term Insurance Market: Distribution Channel Estimates & Trend Analysis
Chapter 5. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
The major companies profiled in this U.S. Group Level Term Insurance market report include:- 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
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | February 2025 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 7.32 Billion |
| Forecasted Market Value ( USD | $ 10.57 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | United States |
| No. of Companies Mentioned | 11 |
