Term Insurance Market Overview: Size, Share, and Competitive Landscape
Market Overview
Global Term Insurance Market size and share is currently valued at USD 1060.77 billion in 2023 and is anticipated to generate an estimated revenue of USD 2,201.35 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 8.5% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 - 2032
Term insurance is a pure life insurance product that offers financial coverage for a specified duration, known as the policy term. If the policyholder dies during this period, a predetermined amount—referred to as the death benefit—is paid out to the nominee. Unlike whole life or endowment policies, term plans do not offer maturity benefits, making them a cost-effective way to secure the future of one’s dependents.
Over the years, term insurance has become a cornerstone of financial planning, particularly among young professionals, working families, and sole breadwinners. As insurers expand their product portfolios to include flexible premium payment options and value-added riders (such as critical illness or accidental death coverage), the market is becoming increasingly competitive and diverse.
Digitalization, changing consumer behavior, and growing financial literacy have collectively fueled the growth of the term insurance market across geographies and demographics.
Key Market Growth Drivers
Market Overview
Global Term Insurance Market size and share is currently valued at USD 1060.77 billion in 2023 and is anticipated to generate an estimated revenue of USD 2,201.35 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 8.5% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 - 2032
Term insurance is a pure life insurance product that offers financial coverage for a specified duration, known as the policy term. If the policyholder dies during this period, a predetermined amount—referred to as the death benefit—is paid out to the nominee. Unlike whole life or endowment policies, term plans do not offer maturity benefits, making them a cost-effective way to secure the future of one’s dependents.
Over the years, term insurance has become a cornerstone of financial planning, particularly among young professionals, working families, and sole breadwinners. As insurers expand their product portfolios to include flexible premium payment options and value-added riders (such as critical illness or accidental death coverage), the market is becoming increasingly competitive and diverse.
Digitalization, changing consumer behavior, and growing financial literacy have collectively fueled the growth of the term insurance market across geographies and demographics.
Key Market Growth Drivers
Worldwide Term Insurance Market Size, Growth Trends Analysis Report, 2024-2032
Global term insurance market size and share are estimated to be worth USD 2,201.35 Million by 2032, with a compound annual growth rate (CAGR) of 8.5% during the forecast period. The individual segments will grow at a rapid pace, due to a rise in awareness of financial protection & the desire for aff..
https://www.polarismarketresearch.com/industry-analysis/term-insurance-market
11:32 AM - Apr 29, 2025 (UTC)
