Product Code: A15152
Universal life insurance is a versatile and customizable financial product that combines the benefits of life insurance protection with an investment component. It provides policyholders with flexibility in premium payments, death benefits, and the ability to accumulate cash value over time. Unlike traditional life insurance, universal life insurance allows policyholders to adjust their premiums and death benefits to suit changing financial needs and circumstances. Moreover, one of the key features of universal life insurance is the cash value accumulation, where a portion of the premium paid goes into a cash account that earns interest. This cash value can be used to cover future premiums, taken as a loan, or withdrawn, offering policyholders a degree of liquidity. The interest earned on the cash value is generally tax-deferred, enhancing the overall tax efficiency of the policy. Furthermore, universal life insurance provides a comprehensive solution for individuals seeking life insurance coverage while maintaining flexibility and potential for wealth accumulation. It appeals to those looking for a dynamic and long-term financial planning tool that adapts to changing circumstances. Universal life insurance comes in various forms, including Indexed Universal Life (IUL) and Guaranteed Universal Life (GUL), each offering unique features to cater to different financial goals and risk tolerances. IUL policies link cash value growth to the performance of a stock market index, providing potential for higher returns, while GUL policies offer a guaranteed death benefit with more stability. Moreover, Universal life (UL) insurance is a type of permanent life insurance that, like other permanent insurance, has a cash value element and offers lifetime coverage as long as you pay your premiums. Unlike whole life insurance, universal life allows you to raise or lower your premiums within certain limits, and it can be cheaper than whole life coverage. However, if your investments underperform or you underpay for too long, it could affect your death benefit or cause your policy to lapse. Universal life (UL) insurance is a form of permanent life insurance with an investment savings element plus premiums and a death benefit that are flexible. UL insurance provides more flexibility than whole-life insurance. Policyholders can adjust their premiums and death benefits. UL insurance premiums consist of two components: a cost of insurance (COI) amount and a saving component, known as the cash value.
Surge in adoption of low-cost insurance plan and the ability to accumulate cash value over time boost the growth of the global universal life insurance market. In addition, factors such as the higher possibility of estate planning and wealth transfer of universal life insurance have positively impacted the growth of the market. However, interest rate sensitivity and complexity and understanding of universal life insurance policies are expected to hamper market growth. On the contrary, rise in demand for financial planning solutions is expected to offer remunerative opportunities for the expansion of the market during the forecast period. Each of these factors is projected to have a definite impact on the growth of the global universal life insurance market.
The universal life insurance market is segmented into type, distribution channel, and region. In terms of type, the market is fragmented into Indexed universal life insurance, variable universal life insurance, and guaranteed universal life insurance. Depending on the distribution channel, it is classified into direct sales, brokers/agents, banks, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and Latin America, and Middle East.
The key players that operate in the global universal life insurance market are American International Group, Inc., AXA, John Hancock, MetLife Services and Solutions, LLC., Mutual of Omaha Insurance Company, Penn Mutual, Progressive Casualty Insurance Company, Protective Life Corporation, Prudential Financial, Inc., and Symetra Life Insurance Company. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global usage-based insurance market forecast along with the current and future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on global usage-based insurance market trend is provided in the report.
- The Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2023 to 2032 is provided to determine the market potential.
Additional benefits you will get with this purchase are:
- Quarterly Update and* (only available with a corporate license, on listed price)
- 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
- Free Upcoming Version on the Purchase of Five and Enterprise User License.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Five and Enterprise User License. (Excel version of the report)
- Free Updated report if the report is 6-12 months old or older.
- 24-hour priority response*
- Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- Technology Trend Analysis
- Market share analysis of players by products/segments
- Additional company profiles with specific to client's interest
- Market share analysis of players at global/region/country level
- SWOT Analysis
- Volume Market Size and Forecast
Key Market Segments
By Type
- Indexed Universal Life Insurance
- Variable Universal Life Insurance
- Guaranteed Universal Life Insurance
By Distribution Channel
- Direct Sales
- Brokers/Agents
- Banks
- Others
By Region
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East and Africa
- Gcc Countries
- South Africa
- Rest of Middle East And Africa
Key Market Players:
- American International Group, Inc.
- AXA
- John Hancock
- MetLife Services and Solutions, LLC.
- Mutual of Omaha Insurance Company
- Penn Mutual
- Progressive Casualty Insurance Company
- Protective Life Corporation
- Prudential Financial, Inc.
- Symetra Life Insurance Company
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION
- 1.1. Report description
- 1.2. Key market segments
- 1.3. Key benefits to the stakeholders
- 1.4. Research methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
- 3.1. Market definition and scope
- 3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
- 3.3. Porter's five forces analysis
- 3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.2. Restraints
- 3.4.3. Opportunities
CHAPTER 4: UNIVERSAL LIFE INSURANCE MARKET, BY TYPE
- 4.1. Overview
- 4.1.1. Market size and forecast
- 4.2. Indexed Universal Life Insurance
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
- 4.3. Variable Universal Life Insurance
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
- 4.4. Guaranteed Universal Life Insurance
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country
CHAPTER 5: UNIVERSAL LIFE INSURANCE MARKET, BY DISTRIBUTION CHANNEL
- 5.1. Overview
- 5.1.1. Market size and forecast
- 5.2. Direct Sales
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
- 5.3. Brokers/Agents
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
- 5.4. Banks
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country
- 5.5. Others
- 5.5.1. Key market trends, growth factors and opportunities
- 5.5.2. Market size and forecast, by region
- 5.5.3. Market share analysis by country
CHAPTER 6: UNIVERSAL LIFE INSURANCE MARKET, BY REGION
- 6.1. Overview
- 6.1.1. Market size and forecast By Region
- 6.2. North America
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by Type
- 6.2.3. Market size and forecast, by Distribution Channel
- 6.2.4. Market size and forecast, by country
- 6.2.4.1. U.S.
- 6.2.4.1.1. Market size and forecast, by Type
- 6.2.4.1.2. Market size and forecast, by Distribution Channel
- 6.2.4.2. Canada
- 6.2.4.2.1. Market size and forecast, by Type
- 6.2.4.2.2. Market size and forecast, by Distribution Channel
- 6.3. Europe
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by Type
- 6.3.3. Market size and forecast, by Distribution Channel
- 6.3.4. Market size and forecast, by country
- 6.3.4.1. UK
- 6.3.4.1.1. Market size and forecast, by Type
- 6.3.4.1.2. Market size and forecast, by Distribution Channel
- 6.3.4.2. Germany
- 6.3.4.2.1. Market size and forecast, by Type
- 6.3.4.2.2. Market size and forecast, by Distribution Channel
- 6.3.4.3. France
- 6.3.4.3.1. Market size and forecast, by Type
- 6.3.4.3.2. Market size and forecast, by Distribution Channel
- 6.3.4.4. Italy
- 6.3.4.4.1. Market size and forecast, by Type
- 6.3.4.4.2. Market size and forecast, by Distribution Channel
- 6.3.4.5. Spain
- 6.3.4.5.1. Market size and forecast, by Type
- 6.3.4.5.2. Market size and forecast, by Distribution Channel
- 6.3.4.6. Rest of Europe
- 6.3.4.6.1. Market size and forecast, by Type
- 6.3.4.6.2. Market size and forecast, by Distribution Channel
- 6.4. Asia-Pacific
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by Type
- 6.4.3. Market size and forecast, by Distribution Channel
- 6.4.4. Market size and forecast, by country
- 6.4.4.1. China
- 6.4.4.1.1. Market size and forecast, by Type
- 6.4.4.1.2. Market size and forecast, by Distribution Channel
- 6.4.4.2. Japan
- 6.4.4.2.1. Market size and forecast, by Type
- 6.4.4.2.2. Market size and forecast, by Distribution Channel
- 6.4.4.3. India
- 6.4.4.3.1. Market size and forecast, by Type
- 6.4.4.3.2. Market size and forecast, by Distribution Channel
- 6.4.4.4. Australia
- 6.4.4.4.1. Market size and forecast, by Type
- 6.4.4.4.2. Market size and forecast, by Distribution Channel
- 6.4.4.5. South Korea
- 6.4.4.5.1. Market size and forecast, by Type
- 6.4.4.5.2. Market size and forecast, by Distribution Channel
- 6.4.4.6. Rest of Asia-Pacific
- 6.4.4.6.1. Market size and forecast, by Type
- 6.4.4.6.2. Market size and forecast, by Distribution Channel
- 6.5. Latin America
- 6.5.1. Key market trends, growth factors and opportunities
- 6.5.2. Market size and forecast, by Type
- 6.5.3. Market size and forecast, by Distribution Channel
- 6.5.4. Market size and forecast, by country
- 6.5.4.1. Brazil
- 6.5.4.1.1. Market size and forecast, by Type
- 6.5.4.1.2. Market size and forecast, by Distribution Channel
- 6.5.4.2. Argentina
- 6.5.4.2.1. Market size and forecast, by Type
- 6.5.4.2.2. Market size and forecast, by Distribution Channel
- 6.5.4.3. Rest of Latin America
- 6.5.4.3.1. Market size and forecast, by Type
- 6.5.4.3.2. Market size and forecast, by Distribution Channel
- 6.6. Middle East and Africa
- 6.6.1. Key market trends, growth factors and opportunities
- 6.6.2. Market size and forecast, by Type
- 6.6.3. Market size and forecast, by Distribution Channel
- 6.6.4. Market size and forecast, by country
- 6.6.4.1. Gcc Countries
- 6.6.4.1.1. Market size and forecast, by Type
- 6.6.4.1.2. Market size and forecast, by Distribution Channel
- 6.6.4.2. South Africa
- 6.6.4.2.1. Market size and forecast, by Type
- 6.6.4.2.2. Market size and forecast, by Distribution Channel
- 6.6.4.3. Rest of Middle East And Africa
- 6.6.4.3.1. Market size and forecast, by Type
- 6.6.4.3.2. Market size and forecast, by Distribution Channel
CHAPTER 7: COMPETITIVE LANDSCAPE
- 7.1. Introduction
- 7.2. Top winning strategies
- 7.3. Product mapping of top 10 player
- 7.4. Competitive dashboard
- 7.5. Competitive heatmap
- 7.6. Top player positioning, 2022
CHAPTER 8: COMPANY PROFILES
- 8.1. American International Group, Inc.
- 8.1.1. Company overview
- 8.1.2. Key executives
- 8.1.3. Company snapshot
- 8.1.4. Operating business segments
- 8.1.5. Product portfolio
- 8.1.6. Business performance
- 8.1.7. Key strategic moves and developments
- 8.2. AXA
- 8.2.1. Company overview
- 8.2.2. Key executives
- 8.2.3. Company snapshot
- 8.2.4. Operating business segments
- 8.2.5. Product portfolio
- 8.2.6. Business performance
- 8.2.7. Key strategic moves and developments
- 8.3. John Hancock
- 8.3.1. Company overview
- 8.3.2. Key executives
- 8.3.3. Company snapshot
- 8.3.4. Operating business segments
- 8.3.5. Product portfolio
- 8.3.6. Business performance
- 8.3.7. Key strategic moves and developments
- 8.4. MetLife Services and Solutions, LLC.
- 8.4.1. Company overview
- 8.4.2. Key executives
- 8.4.3. Company snapshot
- 8.4.4. Operating business segments
- 8.4.5. Product portfolio
- 8.4.6. Business performance
- 8.4.7. Key strategic moves and developments
- 8.5. Mutual of Omaha Insurance Company
- 8.5.1. Company overview
- 8.5.2. Key executives
- 8.5.3. Company snapshot
- 8.5.4. Operating business segments
- 8.5.5. Product portfolio
- 8.5.6. Business performance
- 8.5.7. Key strategic moves and developments
- 8.6. Penn Mutual
- 8.6.1. Company overview
- 8.6.2. Key executives
- 8.6.3. Company snapshot
- 8.6.4. Operating business segments
- 8.6.5. Product portfolio
- 8.6.6. Business performance
- 8.6.7. Key strategic moves and developments
- 8.7. Progressive Casualty Insurance Company
- 8.7.1. Company overview
- 8.7.2. Key executives
- 8.7.3. Company snapshot
- 8.7.4. Operating business segments
- 8.7.5. Product portfolio
- 8.7.6. Business performance
- 8.7.7. Key strategic moves and developments
- 8.8. Protective Life Corporation
- 8.8.1. Company overview
- 8.8.2. Key executives
- 8.8.3. Company snapshot
- 8.8.4. Operating business segments
- 8.8.5. Product portfolio
- 8.8.6. Business performance
- 8.8.7. Key strategic moves and developments
- 8.9. Prudential Financial, Inc.
- 8.9.1. Company overview
- 8.9.2. Key executives
- 8.9.3. Company snapshot
- 8.9.4. Operating business segments
- 8.9.5. Product portfolio
- 8.9.6. Business performance
- 8.9.7. Key strategic moves and developments
- 8.10. Symetra Life Insurance Company
- 8.10.1. Company overview
- 8.10.2. Key executives
- 8.10.3. Company snapshot
- 8.10.4. Operating business segments
- 8.10.5. Product portfolio
- 8.10.6. Business performance
- 8.10.7. Key strategic moves and developments