Variable Life Insurance Market growth, size, and overview by 2024-2033

Overview and Scope Variable life insurance refers to a type of permanent life insurance that allows the policyholder to invest the cash value of the policy in a variety of investment options, such as stocks, bonds, and mutual funds. It works best for people who can afford to pay possibly higher premiums and put up with market volatility. An investment and life insurance are both included in a variable life insurance policy. Sizing and Forecast The variable life insurance market size has grown strongly in recent years. It will grow from $123.41 billion in 2023 to $130.97 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to investment component attraction, estate planning and wealth transfer, market participation and investment growth, flexibility in premium payments, tax advantages. The variable life insurance market size is expected to see strong growth in the next few years. It will grow to $170.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increasing awareness of financial planning, demographic shifts and inheritance planning, risk management and investment diversification, customization and tailored policies, retirement planning solutions. Major trends in the forecast period include adoption of predictive analytics for risk assessment, expansion of online sales and distribution channels, collaboration with insurtech startups, introduction of wellness and health incentives, enhancement of customer education and financial literacy. Order your report now for swift delivery, visit the link: https://www.thebusinessresearchcompany.com/report/variable-life-insurance-global-market-report Segmentation & Regional Insights The variable life insurance market covered in this report is segmented – 1) By Type: Fixed Premium, Variable Universal Life Insurance 2) By Components: Death benefits, Add-on benefits 3) By End-User: Agency, Brokers, Bancassurance, Digital and Direct Channel North America was the largest region in the variable life insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global variable life insurance market report during the forecast period. The regions covered in the variable life insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Intrigued to explore the contents? Secure your hands-on a free sample copy of the report: https://www.thebusinessresearchcompany.com/sample.aspx?id=2466&type=smp Major Driver Impacting Market Growth The rapid growth of the overall insurance industry is expected to propel the growth of the variable life insurance market. The growth in the insurance industry can be attributed to factors such as increasing awareness of the need for insurance, a growing middle class, and economic development. As the insurance industry grows, more people have access to insurance products, including variable life insurance, which allows policyholders to invest a portion of their premiums in a variety of investment options, such as stocks and bonds. For instance, in 2020, according to the Organization for Economic Co-operation and Development, a France-based intergovernmental organization with 38 member countries, the total gross premiums in the OECD countries increased to $5225 billion as compared to $5031 billion in 2019. Major countries such as the United States and the United Kingdom reported total gross premiums of $2934 billion and $380.90 billion, respectively, in the insurance sector. Therefore, the rapid growth of the overall insurance industry is significantly contributing to the growth of the variable life insurance market. Key Industry Players Major companies operating in the variable life insurance market report are Berkshire Hathaway Inc., Ping An Insurance (Group) Company of China Ltd., Allianz SE, AXA SA, Japan Post Holdings Co Ltd., MetLife Inc., Munich Reinsurance Group, Prudential plc, New York Life Insurance Company, American International Group Inc., Allstate Corporation, Nationwide Mutual Insurance Company, Swiss Reinsurance Company Ltd, Chubb Limited, Nippon Life Insurance Company, Zurich Insurance Group AG, Massachusetts Mutual Life Insurance Company, Northwestern Mutual Life Insurance Company, Aflac Incorporated, Lincoln National Corporation, Principal Financial Group Inc., Aviva plc, Manulife Financial Corporation, Protective Life Corporation, The Penn Mutual Life Insurance Company, AIA Group Limited, Ohio National Financial Services Inc., John Hancock Life Insurance Company (USA), Generali Assicurazioni SPA, Metropolitan Life Insurance Company The variable life insurance market report table of contents includes: 1. Executive Summary 2. Variable Life Insurance Market Characteristics 3. Variable Life Insurance Market Trends And Strategies 4. Variable Life Insuranc