Term Insurance Market Size Worth $1,353.1 Billion By 2028
Term Insurance Industry Overview The global term insurance market size was valued at USD 850.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.9% from 2022 to 2028. The market growth is mainly driven by the increasing middle-class population, the advent of new digital sales channels, and the availability of a range of bespoke term insurance covers. Term life insurance is an insurance plan that offers insurance for a specific period of time. The increasing prevalence of various chronic diseases and viral infections is boosting the market growth. Changing lifestyle choices and evolving demographics globally are the other major factors that have a strong impact on the market. Various insurance companies are expected to maintain strong customer relationships by finding important propositions. At present, the players in the market are focusing on creating strategic plans to attract a large customer base. Hence, the market is estimated to show g...