Juvenile Life Insurance Market Size, Share, Growth, and Industry Growth, By Age (Below 10 Years Old and 10~18 Years Old) By Application, (School and Home), Regional Forecast to 2028

Updated On: 13 March 2023

REPORT OVERVIEW

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The global Juvenile Life Insurance market size is estimated to be worth USD 66820 million in 2021 and is forecast to a readjusted size of USD 154570 million by 2028 with a CAGR of 12.7% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Juvenile life insurance is permanent insurance that ensures a child's life under age 18. Insurances are a financial planning tool that offers tax-saving vehicles with the benefits of a lifetime. Juvenile life insurance is also known as child life insurance which is purchased to protect a family against any unexpected cost of accident, treatments, burial, and funeral with lower face values. The insurance for children came to light in the 19th century to pay for burial and funeral costs during high infant mortality time. Child life insurance was initially controversial, but it gained wide acceptance. 

Juvenile life insurance became popular among the youngsters for college savings, investment, estate planning tools, and lifetime savings. Insurance ensures many benefits, such as tax-deferred cash value buildup, which can be funded using generation-skipping or gift tax exclusion amounts. The market is anticipated to grow due to the launch of new policies and the higher reliability offered by the insurance policies. The rising number of road accidents is anticipated to propel market growth. Increasing awareness among the population regarding health and life insurance benefits is estimated to boost the market growth.

COVID-19 Impact: Rising Concern for Health Boosted the Market Growth

A pandemic caused a huge loss globally which increased the population’s concern toward health and the adoption of policies during the pandemic. Pandemics increased the limitations and gaps in the healthcare systems across countries and boosted the importance of health and insurance policies. Moreover, the insurance companies covered the COVID-19 protection to emphasize their policies, which surged the growth of the juvenile life insurance market. On the contrary, the overall market experienced a slowdown in progression due to the announcement of premium relaxation for a short time. 

LATEST TRENDS

"Availability of Various Policies to Bolster Market Growth"

Companies focusing on developing new policies for the customers to offer various perks and benefits are estimated to drive growth in the market. The launch of new policies by the health insurance companies is forecasted to create a new trend in the global market. Companies offer various policies that include a single disease package covering just one disease, including diabetes, high blood pressure, and cancer. These factors are anticipated to drive major growth in the market. Additionally, the risk of youngsters meeting with road or domestic accidents is likely to aid growth in the market. furthermore, the awareness regarding life insurance among the general population is estimated to drive the market trend.

Segmentation

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• By Age

By type, the market is segmented into below 10 years old and 10~18 years old.

• By Application

Based on application, the market is classified into school and home.

DRIVING FACTORS

"Rising Accidents Among Youngsters to Surge Growth"

The rising prevalence of road and household accidents among youngsters is forecasted to boost the adoption of juvenile life insurance. Moreover, the number of youngsters suffering from high or low blood pressure, cancer, and other diseases is increasing, which is forecasted to propel the expansion of the juvenile life insurance market share. Furthermore, the adoption of a sedentary lifestyle among the young population is estimated to surge the adoption of life insurance policies. Many young people are suffering from diabetes, arthritis, cancer, and heart diseases, which are expected to drive product demand. The pandemic outbreak boosted the market share ascribed to the higher risk of getting infected by the virus which may result in casualties. Thus, the

"Launch of New Policies to Aid Market Growth"

Important advances in the policies to meet the customer's expectation is likely to drive the market growth. The policies cover injury, illness, and accidents among youngsters. It also offers good health care services, which is anticipated to boost growth in the market. Additionally, the policies also offering appropriate health care services are expected to surge growth in the market. The new policies covering accidents and chronic diseases are estimated to gain traction in the market. The insurance policy offers a benefit in case of a specific accident or event and provides a refund for that specific event which persuades the population to get life insurance and further surge the market growth.

RESTRAINING FACTORS

"Fraud Insurance Claims to Impede the Market Growth"

Insurance frauds resulting in strict government rules and regulations for verifying purposes are anticipated to be restraining juvenile life insurance market growth. False claims, lack of awareness, and fake death claims are likely to affect the market's growth. Additionally, the lack of awareness about the benefits of the insurance policies is also forecasted to impede the growth of the juvenile life insurance sector. Lack of awareness about the policies and their benefits is further expected to hinder the market growth.

REGIONAL INSIGHTS

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"North America to Lead Market Due to Government Initiatives for Low-Cost Medical Products"

North America to lead in the global market is attributed to government initiatives for offering medical insurance and medicare at low cost, coupled with the rising population in the region. The higher favorable healthcare and medical products cost is forecasted to surge growth in the region. 

Europe is estimated to show sizeable growth in the market due to strict federal laws of compulsorily having at least one health insurance policy. The escalating awareness among the population about the need for insurance plans is likely to boost the market growth. 

Asia Pacific is anticipated to show significant growth in the global market. The growth of the region is attributable to the rising penetration of private sectors offering policies in the region. 

KEY INDUSTRY PLAYERS

"Companies to Emphasize On Developing Diversified Insurance Plans to Grow"

Key market players are expected to emphasize implementing various strategic initiatives to enhance their growth rate in the market. Companies are coming up with various policy benefits to enhance their company portfolio. Additionally, the companies are focused on gaining acquisitions and collaboration in the regional market to ultimately grow in the global market. Many major companies are taking strategic steps to expand their juvenile life insurance market share. Furthermore, the key companies are focused on developing new policies to meet the customer’s expectations. 

List of Market Players Profiled

• Allianz (Germany)
• Assicurazioni Generali (Italy)
• China Life Insurance (China)
• MetLife (U.S.)
• PingAn (China)
• AXA (France)
• Sumitomo Life Insurance (Japan)
• Aegon (Netherlands)
• Dai-ichi Mutual Life Insurance (Japan)
• CPIC (China)
• Aviva (U.K.)
• Munich Re Group (Germany)
• Zurich Financial Services (Switzerland)
• Nippon Life Insurance (Japan)
• Gerber Life Insurance (New York)
• AIG (U.S.)

REPORT COVERAGE

The report covers the global market information on juvenile life insurance. It also includes the segmentation of the market based on type and application. The report offers market insights, including significant trends, opportunities, and challenges. Additionally, the key market players and their headquarters are covered in this report to give a brief idea about the existing competition. Furthermore, the factors expected to drive or restrain the market are also included in this report. It is an all-inclusive market insight report.