Overview and Scope
Indexed and whole juvenile life insurance refers to a permanent life insurance policy for minors that provides lifelong protection, builds cash value, and modifies the death benefit by inflation or an index, assuring enough security and the opportunity for financial growth for future requirements.
Sizing and Forecast
The indexed and whole juvenile life insurance market size has grown rapidly in recent years. It will grow from $23.37 billion in 2023 to $26.71 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to increased young population, increased awareness about the benefits of indexed and whole juvenile life insurance, increased disposable income, evolving regulatory scenarios.
The indexed and whole juvenile life insurance market size is expected to see rapid growth in the next few years. It will grow to $43.77 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to increasing globalization, increasing urbanization, changing lifestyles, increasing disposable income, increasing demand for protection of young children. Major trends in the forecast period include the use of technology and digital platforms, demand for flexibility and personalization, introduction of customizable policies, strategic collaborations.
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Segmentation & Regional Insights
The indexed and whole juvenile life insurance market covered in this report is segmented –
1) By Type: Survival Insurance, Death Insurance, Full Insurance
2) By Policy Type: Traditional, Non-Traditional
3) By Distribution Channel: Direct Distribution, Agency Distribution, Online Distribution
4) By Application: Below 10 Years Old, 10-18 Years Old
Asia-Pacific was the largest region in the indexed and whole juvenile life insurance market in 2023. The regions covered in the indexed and whole juvenile life insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing younger population is expected to propel the growth of the indexed and whole juvenile life insurance market going forward. The term younger population refers to individuals in the younger age groups within a given population. Indexed and whole juvenile life insurance can provide numerous benefits to the younger population, as permanent life insurance provides coverage for the insured individual’s entire lifetime. For instance, in August 2022, according to the United Nations, an intergovernmental organization, there were currently 1.2 billion young people aged 15 to 24, accounting for 16% of the world population. By 2030, the number of young people is expected to increase by 7% to approximately 1.3 billion. Therefore, the increasing younger population is driving the growth of the indexed and whole juvenile life insurance market.
Key Industry Players
Major companies operating in the indexed and whole juvenile life insurance market report are China Ping An Insurance (Group) Co. Ltd., China Life Insurance Company, Axa S.A., Assicurazioni Generali SpA, Reliance Nippon Life Insurance Company Limited, MetLife Services and Solutions LLC, The Dai-ichi Life Insurance Company Limited, China Pacific Insurance Co. Ltd., New York Life Insurance, Nationwide Mutual Insurance Company, American International Group Inc., Allstate Insurance Company, Zurich Insurance Group Ltd., Aegon Life Insurance Company, Aviva PLC, Pacific Life Insurance Company, Allianz SE, Bright House Financial Inc., Transamerica Corporation, Voya Financial Inc., Globe Life Inc., Penn Mutual Life Insurance Company, Munich Re Group, Symetra Life Insurance Company, Sumitomo Life Insurance Company, Protective Insurance Corporation, Colonial Penn Life Insurance Company, Gerber Life Insurance Company, Bestow Inc., Assurity Life Insurance.
The indexed and whole juvenile life insurance market report table of contents includes:
1. Executive Summary
2. Indexed And Whole Juvenile Life Insurance Market Characteristics
3. Indexed And Whole Juvenile Life Insurance Market Trends And Strategies
4. Indexed And Whole Juvenile Life Insurance Market – Macro Economic Scenario
5. Global Indexed And Whole Juvenile Life Insurance Market Size and Growth
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32. Global Indexed And Whole Juvenile Life Insurance Market Competitive Benchmarking
33. Global Indexed And Whole Juvenile Life Insurance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Indexed And Whole Juvenile Life Insurance Market
35. Indexed And Whole Juvenile Life Insurance Market Future Outlook and Potential Analysis
36. Appendix
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