Product Code: A14963
Group life insurance is a benefit provided by organizations to their members, usually by employers to their employees. The insurance contract is between the group and the insurance company, and the participating group members receive certificates of coverage with a group life insurance policy. It provides financial protection if the covered individual dies similar to an individual policy. It often has a relatively low coverage amount and should supplement an individual life insurance policy.

The average cost of group life insurance purchased through an employer is usually quite low. For instance, Amazon gives most part-time and full-time employees free basic life insurance equal to two times their annual salary. Employees have the option to buy additional coverage up to 10 times their base annual earnings. For example, a 40-year-old full-time Amazon employee will pay $0.059 for every $1,000 of additional coverage. If that employee wants to purchase $100,000 of additional group life insurance, they have a monthly premium of $5.90.
A growth in awareness of the significance of financial stability and employee well-being has fueled the popularity of group life insurance, which has contributed to an increase in the acceptance of these policies among enterprises. Furthermore, legal support and tax breaks for firms that offer group life insurance contribute to the expansion of the group life insurance industry. Furthermore, economic uncertainty inhibits market growth, which may cause some businesses to decrease costs and, as a result, reduce insurance coverage. However, interest rate variations can affect insurers' returns on investments as well as group life insurance product rates and benefits. Regulatory changes and compliance difficulties present additional obstacles for market players. On the contrary, technology improvements that speed up insurance operations, as well as the opportunity for product innovation to fulfill a wide range of consumer needs, are expected to present the group life insurance market with lucrative growth opportunities. The expansion of insurance industry digital transformation gives a platform for improved customer engagement and operational efficiency, opening new opportunities for growth in the group life insurance market.
The group life insurance market is segmented into type, enterprise size, distribution channel, and region. On the basis of type, the market is bifurcated into contributory plans and non-contributory plans. On the basis of enterprise size, the market is bifurcated into large enterprises and small and medium-sized enterprises. On the basis of distribution channel, the market is categorized into direct sales, brokers/agents, banks, and others. On the basis of region, it is analyzed across North America (the U.S., and Canada), Europe (the UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), Latin America (Brazil, Argentina, and rest of Latin America), and Middle East and Africa (GCC Countries, South Africa, and rest of Middle East and Africa).
The key players operating in the global group life insurance market include MetLife Services and Solutions, LLC, American International Group, Inc., Prudential Financial, Inc., Allianz, AXA SA, Zurich, The Manufacturers Life Insurance Company, Sun Life Assurance Company of Canada, Cigna Healthcare, and New York Life Insurance Company. These players have adopted various strategies to increase their market penetration and strengthen their position in the group life insurance industry.
Key Benefits for Stakeholders
- The study provides in-depth analysis of the group life insurance market along with current trends and future estimations to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the Group life insurance market size are provided in the report.
- The Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the group life insurance market from 2022 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)
- Investment Opportunities
- Market share analysis of players by products/segments
- Regulatory Guidelines
- Additional company profiles with specific to client's interest
- Additional country or region analysis- market size and forecast
- Expanded list for Company Profiles
- Market share analysis of players at global/region/country level
Key Market Segments
By Type
- Contributory Plans
- Non-contributory Plans
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
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:
- MetLife Services and Solutions, LLC
- American International Group, Inc.
- Prudential Financial, Inc.
- Allianz
- AXA SA
- Zurich
- The Manufacturers Life Insurance Company
- Sun Life Assurance Company of Canada
- Cigna Healthcare
- New York 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: GROUP LIFE INSURANCE MARKET, BY TYPE
- 4.1. Overview
- 4.1.1. Market size and forecast
- 4.2. Contributory Plans
- 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. Non-contributory Plans
- 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
CHAPTER 5: GROUP LIFE INSURANCE MARKET, BY ENTERPRISE SIZE
- 5.1. Overview
- 5.1.1. Market size and forecast
- 5.2. Large Enterprises
- 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. Small and Medium-sized Enterprises
- 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
CHAPTER 6: GROUP LIFE INSURANCE MARKET, BY DISTRIBUTION CHANNEL
- 6.1. Overview
- 6.1.1. Market size and forecast
- 6.2. Direct Sales
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by region
- 6.2.3. Market share analysis by country
- 6.3. Brokers/Agents
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by region
- 6.3.3. Market share analysis by country
- 6.4. Banks
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by region
- 6.4.3. Market share analysis by country
- 6.5. Others
- 6.5.1. Key market trends, growth factors and opportunities
- 6.5.2. Market size and forecast, by region
- 6.5.3. Market share analysis by country
CHAPTER 7: GROUP LIFE INSURANCE MARKET, BY REGION
- 7.1. Overview
- 7.1.1. Market size and forecast By Region
- 7.2. North America
- 7.2.1. Key market trends, growth factors and opportunities
- 7.2.2. Market size and forecast, by Type
- 7.2.3. Market size and forecast, by Enterprise Size
- 7.2.4. Market size and forecast, by Distribution Channel
- 7.2.5. Market size and forecast, by country
- 7.2.5.1. U.S.
- 7.2.5.1.1. Market size and forecast, by Type
- 7.2.5.1.2. Market size and forecast, by Enterprise Size
- 7.2.5.1.3. Market size and forecast, by Distribution Channel
- 7.2.5.2. Canada
- 7.2.5.2.1. Market size and forecast, by Type
- 7.2.5.2.2. Market size and forecast, by Enterprise Size
- 7.2.5.2.3. Market size and forecast, by Distribution Channel
- 7.3. Europe
- 7.3.1. Key market trends, growth factors and opportunities
- 7.3.2. Market size and forecast, by Type
- 7.3.3. Market size and forecast, by Enterprise Size
- 7.3.4. Market size and forecast, by Distribution Channel
- 7.3.5. Market size and forecast, by country
- 7.3.5.1. UK
- 7.3.5.1.1. Market size and forecast, by Type
- 7.3.5.1.2. Market size and forecast, by Enterprise Size
- 7.3.5.1.3. Market size and forecast, by Distribution Channel
- 7.3.5.2. Germany
- 7.3.5.2.1. Market size and forecast, by Type
- 7.3.5.2.2. Market size and forecast, by Enterprise Size
- 7.3.5.2.3. Market size and forecast, by Distribution Channel
- 7.3.5.3. France
- 7.3.5.3.1. Market size and forecast, by Type
- 7.3.5.3.2. Market size and forecast, by Enterprise Size
- 7.3.5.3.3. Market size and forecast, by Distribution Channel
- 7.3.5.4. Italy
- 7.3.5.4.1. Market size and forecast, by Type
- 7.3.5.4.2. Market size and forecast, by Enterprise Size
- 7.3.5.4.3. Market size and forecast, by Distribution Channel
- 7.3.5.5. Spain
- 7.3.5.5.1. Market size and forecast, by Type
- 7.3.5.5.2. Market size and forecast, by Enterprise Size
- 7.3.5.5.3. Market size and forecast, by Distribution Channel
- 7.3.5.6. Rest of Europe
- 7.3.5.6.1. Market size and forecast, by Type
- 7.3.5.6.2. Market size and forecast, by Enterprise Size
- 7.3.5.6.3. Market size and forecast, by Distribution Channel
- 7.4. Asia-Pacific
- 7.4.1. Key market trends, growth factors and opportunities
- 7.4.2. Market size and forecast, by Type
- 7.4.3. Market size and forecast, by Enterprise Size
- 7.4.4. Market size and forecast, by Distribution Channel
- 7.4.5. Market size and forecast, by country
- 7.4.5.1. China
- 7.4.5.1.1. Market size and forecast, by Type
- 7.4.5.1.2. Market size and forecast, by Enterprise Size
- 7.4.5.1.3. Market size and forecast, by Distribution Channel
- 7.4.5.2. Japan
- 7.4.5.2.1. Market size and forecast, by Type
- 7.4.5.2.2. Market size and forecast, by Enterprise Size
- 7.4.5.2.3. Market size and forecast, by Distribution Channel
- 7.4.5.3. India
- 7.4.5.3.1. Market size and forecast, by Type
- 7.4.5.3.2. Market size and forecast, by Enterprise Size
- 7.4.5.3.3. Market size and forecast, by Distribution Channel
- 7.4.5.4. Australia
- 7.4.5.4.1. Market size and forecast, by Type
- 7.4.5.4.2. Market size and forecast, by Enterprise Size
- 7.4.5.4.3. Market size and forecast, by Distribution Channel
- 7.4.5.5. South Korea
- 7.4.5.5.1. Market size and forecast, by Type
- 7.4.5.5.2. Market size and forecast, by Enterprise Size
- 7.4.5.5.3. Market size and forecast, by Distribution Channel
- 7.4.5.6. Rest of Asia-Pacific
- 7.4.5.6.1. Market size and forecast, by Type
- 7.4.5.6.2. Market size and forecast, by Enterprise Size
- 7.4.5.6.3. Market size and forecast, by Distribution Channel
- 7.5. Latin America
- 7.5.1. Key market trends, growth factors and opportunities
- 7.5.2. Market size and forecast, by Type
- 7.5.3. Market size and forecast, by Enterprise Size
- 7.5.4. Market size and forecast, by Distribution Channel
- 7.5.5. Market size and forecast, by country
- 7.5.5.1. Brazil
- 7.5.5.1.1. Market size and forecast, by Type
- 7.5.5.1.2. Market size and forecast, by Enterprise Size
- 7.5.5.1.3. Market size and forecast, by Distribution Channel
- 7.5.5.2. Argentina
- 7.5.5.2.1. Market size and forecast, by Type
- 7.5.5.2.2. Market size and forecast, by Enterprise Size
- 7.5.5.2.3. Market size and forecast, by Distribution Channel
- 7.5.5.3. Rest of Latin America
- 7.5.5.3.1. Market size and forecast, by Type
- 7.5.5.3.2. Market size and forecast, by Enterprise Size
- 7.5.5.3.3. Market size and forecast, by Distribution Channel
- 7.6. Middle East and Africa
- 7.6.1. Key market trends, growth factors and opportunities
- 7.6.2. Market size and forecast, by Type
- 7.6.3. Market size and forecast, by Enterprise Size
- 7.6.4. Market size and forecast, by Distribution Channel
- 7.6.5. Market size and forecast, by country
- 7.6.5.1. Gcc Countries
- 7.6.5.1.1. Market size and forecast, by Type
- 7.6.5.1.2. Market size and forecast, by Enterprise Size
- 7.6.5.1.3. Market size and forecast, by Distribution Channel
- 7.6.5.2. South Africa
- 7.6.5.2.1. Market size and forecast, by Type
- 7.6.5.2.2. Market size and forecast, by Enterprise Size
- 7.6.5.2.3. Market size and forecast, by Distribution Channel
- 7.6.5.3. Rest of Middle East And Africa
- 7.6.5.3.1. Market size and forecast, by Type
- 7.6.5.3.2. Market size and forecast, by Enterprise Size
- 7.6.5.3.3. Market size and forecast, by Distribution Channel
CHAPTER 8: COMPETITIVE LANDSCAPE
- 8.1. Introduction
- 8.2. Top winning strategies
- 8.3. Product mapping of top 10 player
- 8.4. Competitive dashboard
- 8.5. Competitive heatmap
- 8.6. Top player positioning, 2022
CHAPTER 9: COMPANY PROFILES
- 9.1. MetLife Services and Solutions, LLC
- 9.1.1. Company overview
- 9.1.2. Key executives
- 9.1.3. Company snapshot
- 9.1.4. Operating business segments
- 9.1.5. Product portfolio
- 9.1.6. Business performance
- 9.1.7. Key strategic moves and developments
- 9.2. American International Group, Inc.
- 9.2.1. Company overview
- 9.2.2. Key executives
- 9.2.3. Company snapshot
- 9.2.4. Operating business segments
- 9.2.5. Product portfolio
- 9.2.6. Business performance
- 9.2.7. Key strategic moves and developments
- 9.3. Prudential Financial, Inc.
- 9.3.1. Company overview
- 9.3.2. Key executives
- 9.3.3. Company snapshot
- 9.3.4. Operating business segments
- 9.3.5. Product portfolio
- 9.3.6. Business performance
- 9.3.7. Key strategic moves and developments
- 9.4. Allianz
- 9.4.1. Company overview
- 9.4.2. Key executives
- 9.4.3. Company snapshot
- 9.4.4. Operating business segments
- 9.4.5. Product portfolio
- 9.4.6. Business performance
- 9.4.7. Key strategic moves and developments
- 9.5. AXA SA
- 9.5.1. Company overview
- 9.5.2. Key executives
- 9.5.3. Company snapshot
- 9.5.4. Operating business segments
- 9.5.5. Product portfolio
- 9.5.6. Business performance
- 9.5.7. Key strategic moves and developments
- 9.6. Zurich
- 9.6.1. Company overview
- 9.6.2. Key executives
- 9.6.3. Company snapshot
- 9.6.4. Operating business segments
- 9.6.5. Product portfolio
- 9.6.6. Business performance
- 9.6.7. Key strategic moves and developments
- 9.7. The Manufacturers Life Insurance Company
- 9.7.1. Company overview
- 9.7.2. Key executives
- 9.7.3. Company snapshot
- 9.7.4. Operating business segments
- 9.7.5. Product portfolio
- 9.7.6. Business performance
- 9.7.7. Key strategic moves and developments
- 9.8. Sun Life Assurance Company of Canada
- 9.8.1. Company overview
- 9.8.2. Key executives
- 9.8.3. Company snapshot
- 9.8.4. Operating business segments
- 9.8.5. Product portfolio
- 9.8.6. Business performance
- 9.8.7. Key strategic moves and developments
- 9.9. Cigna Healthcare
- 9.9.1. Company overview
- 9.9.2. Key executives
- 9.9.3. Company snapshot
- 9.9.4. Operating business segments
- 9.9.5. Product portfolio
- 9.9.6. Business performance
- 9.9.7. Key strategic moves and developments
- 9.10. New York Life Insurance Company
- 9.10.1. Company overview
- 9.10.2. Key executives
- 9.10.3. Company snapshot
- 9.10.4. Operating business segments
- 9.10.5. Product portfolio
- 9.10.6. Business performance
- 9.10.7. Key strategic moves and developments