Global Variable Life Insurance Market Size is valued at USD 125.6 Bn in 2024 and is predicted to reach USD 241.6 Bn by the year 2034 at a 6.9% CAGR during the forecast period for 2025-2034.
The variable life insurance market is a subset of the larger sector. It allows policyholders to invest their premiums in various financial products, including mutual funds, stocks, and bonds. It mixes traditional life insurance's protection with the potential for investment gain. The variable life insurance market allows people to combine life insurance protection with possible investment gain. 56 Regulation changes may affect how products are made, how they are distributed, and the general market dynamics that support market expansion.
Moreover, demographic variables like age, income, and risk tolerance vary amongst various population segments and may influence the use of variable life insurance. For instance, people with higher income levels or those engaged in building long-term wealth may have a larger propensity to invest in variable life insurance, contributing to market expansion.
Additionally, the adoption of variable life insurance can be impacted by demographic parameters, including age, income levels, and risk tolerance, which vary among different population segments. For instance, people with higher income levels or those interested in building wealth over the long term may have a larger propensity to engage in variable life insurance, which will help the market grow.
The variable life insurance market is segmented based on product, component and end users. The market is segmented as fixed premium and variable universal life insurance based on product. By component, the market is segmented into death benefits and add-on benefits. Based on end users, the variable life insurance market is segmented as an agency, brokers, bancassurance, digital and direct channel.
The VUL category will hold a major share in the global Variable Life Insurance market 2022. VUL insurance can be used for retirement planning and wealth growth. Individuals can increase their cash value over time through investment, creating a sizeable asset for retirement or other financial goals. In conclusion, the growing demand for variable universal life insurance in the variable life insurance market can be attributed to its adaptability, investment component, tax advantages, estate planning benefits, potential market performance, and capacity to function as a wealth accumulation and retirement planning tool.
The direct channels segment is projected to grow rapidly in the global Variable Life Insurance market. In the market for variable life insurance, the direct channel provides customers with ease, information access, streamlined procedures, the possibility of cost savings, and one-on-one communication with insurance providers. Customers can frequently compare several variable life insurance packages offered by the same firm or by different insurers through direct channels. Direct channels allow insurance companies to communicate with customers directly and advise them of the features and advantages of their variable life insurance products.
The North America Variable Life Insurance market is expected to register the highest market share. In North America, variable life insurance policies frequently offer tax benefits. Particularly in the United States, the life insurance market is well-established and mature, and consumers can choose from various variable life insurance policies. Typically, tax-deferred growth of the cash value within the insurance allows policyholders to avoid paying taxes on investment profits until withdrawals are made or the policy is surrendered. In addition, Europe is projected to grow rapidly in the global Variable Life Insurance market.
The market for variable life insurance in Europe is competitive, and both domestic and foreign insurance companies provide a variety of policies. In Europe, variable life insurance plans frequently include a death benefit and a cash value factor. Through the policy's investing component, policyholders can amass wealth over time.
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Report Attribute |
Specifications |
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Market Size Value In 2024 |
USD 125.6 Bn |
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Revenue Forecast In 2034 |
USD 241.6 Bn |
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Growth Rate CAGR |
CAGR of 6.9% from 2025 to 2034 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2025 to 2034 |
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Historic Year |
2021 to 2024 |
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Forecast Year |
2025-2034 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
Product, Component And End Users |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
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Competitive Landscape |
Allianz, AXA SA, Generali, Ping An Insurance, Aflac, Prudential PLC, Munich Re, Zurich Insurance, Nippon Life Insurance, Japan Post Holdings, Berkshire Hathaway, Metlife, Manulife Financial, Chubb, AIG, Aviva, Allstate, Swiss RE, and AIA Group. |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Variable Life Insurance Market Snapshot
Chapter 4. Global Variable Life Insurance Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis of Metaverse Industry
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. COVID-19 Impact on Metaverse Industry
Chapter 5. Market Segmentation 1: By Type Estimates & Trend Analysis
5.1. By Type & Market Share, 2024-2034
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following By Type:
5.2.1. Fixed Premium
5.2.2. Variable Universal Life Insurance
Chapter 6. Market Segmentation 2: By Components, Estimates & Trend Analysis
6.1. By Type & Market Share, 2024-2034
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following By Components,:
6.2.1. Death benefits
6.2.2. Add-on benefits
Chapter 7. Market Segmentation 3: By End-User Estimates & Trend Analysis
7.1. By Type & Market Share, 2024-2034
7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following By End-User:
7.2.1.1. Agency
7.2.1.2. Brokers
7.2.1.3. Bancassurance
7.2.1.4. Digital and Direct Channel
Chapter 8. Variable Life Insurance Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America Variable Life Insurance Market revenue (US$ Million) estimates and forecasts By Type, 2021-2034
8.1.2. North America Variable Life Insurance Market revenue (US$ Million) estimates and forecasts By Components,, 2021-2034
8.1.3. North America Variable Life Insurance Market revenue (US$ Million) estimates and forecasts By End-User, 2021-2034
8.1.4. North America Variable Life Insurance Market revenue (US$ Million) estimates and forecasts by country, 2021-2034
8.1.4.1. U.S.
8.1.4.2. Canada
8.2. Europe
8.2.1. Europe Variable Life Insurance Market revenue (US$ Million) by By Type, 2021-2034
8.2.2. Europe Variable Life Insurance Market revenue (US$ Million) estimates and forecasts By Components,, 2021-2034
8.2.3. Europe Variable Life Insurance Market revenue (US$ Million) estimates and forecasts By End-User , 2021-2034
8.2.4. Europe Variable Life Insurance Market revenue (US$ Million) by country, 2021-2034
8.2.4.1. Germany
8.2.4.2. Poland
8.2.4.3. France
8.2.4.4. Italy
8.2.4.5. Spain
8.2.4.6. UK
8.2.4.7. Rest of Europe
8.3. Asia Pacific
8.3.1. Asia Pacific Variable Life Insurance Market revenue (US$ Million) by By Type, 2021-2034
8.3.2. Asia Pacific Variable Life Insurance Market revenue (US$ Million) estimates and forecasts By Components,, 2021-2034
8.3.3. Asia Pacific Variable Life Insurance Market revenue (US$ Million) estimates and forecasts By End-User , 2021-2034
8.3.4. Asia Pacific Variable Life Insurance Market revenue (US$ Million) by country, 2021-2034
8.3.4.1. China
8.3.4.2. India
8.3.4.3. Japan
8.3.4.4. Australia
8.3.4.5. Rest of Asia Pacific
8.4. Latin America
8.4.1. Latin America Variable Life Insurance Market revenue (US$ Million) by By Type, 2021-2034
8.4.2. Latin America Variable Life Insurance Market revenue (US$ Million) estimates and forecasts By Components,, 2021-2034
8.4.3. Latin America Variable Life Insurance Market revenue (US$ Million) estimates and forecasts By End-User , 2021-2034
8.4.4. Latin America Variable Life Insurance Market revenue (US$ Million) by country, (US$ Million) 2021-2034
8.4.4.1. Brazil
8.4.4.2. Rest of Latin America
8.5. Middle East & Africa
8.5.1. Middle East & Africa Variable Life Insurance Market revenue (US$ Million) by By Type, (US$ Million)
8.5.2. Middle East & Africa Variable Life Insurance Market revenue (US$ Million) estimates and forecasts By Components,, 2021-2034
8.5.3. Middle East & Africa Variable Life Insurance Market revenue (US$ Million) estimates and forecasts By End-User, 2021-2034
8.5.4. Middle East & Africa Variable Life Insurance Market revenue (US$ Million) by country, (US$ Million) 2021-2034
8.5.4.1. South Africa
8.5.4.2. GCC Countries
8.5.4.3. Rest of MEA
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. Allianz,
9.2.2. AXA SA,
9.2.3. Generali,
9.2.4. Ping An Insurance,
9.2.5. Aflac,
9.2.6. Prudential PLC,
9.2.7. Munich Re,
9.2.8. Zurich Insurance,
9.2.9. Nippon Life Insurance,
9.2.10. Japan Post Holdings,
9.2.11. Berkshire Hathaway,
9.2.12. Metlife, Manulife Financial,
9.2.13. Chubb,
9.2.14. AIG,
9.2.15. Aviva,
9.2.16. Allstate,
9.2.17. Swiss RE,
9.2.18. AIA Group.
Variable Life Insurance Market By Product-
Variable Life Insurance Market By Components-
Variable Life Insurance Market By End Users
Variable Life Insurance Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
