U.S. Group Level Term Insurance Market Size, Share & Trends Analysis Report By Distribution Channel (Tied Agents And Branches, Brokers), Key Companies, Competitive Analysis, And Segment Forecasts, 2025 - 2030
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U.S. Group Level Term Insurance Market Growth & Trends
The U.S. group level term insurance market size is estimated t%li%reach USD 10.57 billion by 2030, expanding at a CAGR of 6.5% from 2025 t%li%2030, according t%li%a new report by Grand View Research, Inc. Insurers are incorporating technology and digitizing their processes t%li%make the underwriting process faster, more efficient, and more accessible t%li%consumers. This has made it easier for businesses t%li%purchase group term insurance policies, positively impacting the market.
In today's competitive insurance market, insurers continuously seek ways t%li%differentiate themselves from their competitors and provide value t%li%their customers. One way they are doing this is by introducing new products that meet the changing needs of consumers. This includes customized coverage options, flexible payment structures, and value-added services.
In May 2020, The Guardian Life Insurance Company of America introduced a new feature in its Guardian's level term life insurance, a charitable benefit rider that is built int%li%the policy. This rider allows policyholders t%li%donate a portion of their life insurance proceeds t%li%a charity of their choice. It enables them t%li%support causes they care about while still providing for their loved ones.
The COVID-19 pandemic has significantly impacted the market. Many businesses realized the importance of offering comprehensive employee benefits t%li%attract and retain top talent, and group-level term insurance is becoming an increasingly popular option. With more companies offering this benefit, the demand for group-level term insurance policies is als%li%increasing, leading t%li%growth in the market.
U.S. Group Level Term Insurance Market Report Highlights
U.S. Group Level Term Insurance Market Growth & Trends
The U.S. group level term insurance market size is estimated t%li%reach USD 10.57 billion by 2030, expanding at a CAGR of 6.5% from 2025 t%li%2030, according t%li%a new report by Grand View Research, Inc. Insurers are incorporating technology and digitizing their processes t%li%make the underwriting process faster, more efficient, and more accessible t%li%consumers. This has made it easier for businesses t%li%purchase group term insurance policies, positively impacting the market.
In today's competitive insurance market, insurers continuously seek ways t%li%differentiate themselves from their competitors and provide value t%li%their customers. One way they are doing this is by introducing new products that meet the changing needs of consumers. This includes customized coverage options, flexible payment structures, and value-added services.
In May 2020, The Guardian Life Insurance Company of America introduced a new feature in its Guardian's level term life insurance, a charitable benefit rider that is built int%li%the policy. This rider allows policyholders t%li%donate a portion of their life insurance proceeds t%li%a charity of their choice. It enables them t%li%support causes they care about while still providing for their loved ones.
The COVID-19 pandemic has significantly impacted the market. Many businesses realized the importance of offering comprehensive employee benefits t%li%attract and retain top talent, and group-level term insurance is becoming an increasingly popular option. With more companies offering this benefit, the demand for group-level term insurance policies is als%li%increasing, leading t%li%growth in the market.
U.S. Group Level Term Insurance Market Report Highlights
- The tied agents and branches segment accounted for the largest share of 55.3% in 2024. Agents and branches are often affiliated with established insurance companies that have a strong reputation in the market. This helps t%li%build trust with customers, wh%li%are more likely t%li%purchase insurance policies from companies they recognize and trust.
- The brokers segment is expected t%li%grow at the fastest rate over the forecast period. Brokers have access t%li%a broad range of insurance policies and carriers, which allows them t%li%find the best coverage options at competitive prices. This makes them a preferred choice for many businesses seeking group term life insurance for their employees.
- Market players are driving the U.S. group level term insurance market by introducing innovative products and technologies, expanding their distribution channels, and partnering with other players t%li%increase their market share. In addition, players are offering competitive pricing, flexible coverage options, and customized solutions t%li%meet the evolving needs of customers.
CHAPTER 1. METHODOLOGY AND SCOPE
1.1. Market Segmentation and Scope
1.2. Research Methodology
1.2.1. Information Procurement
1.3. Information or Data Analysis
1.4. Methodology
1.5. Research Scope and Assumptions
1.6. Market Formulation & Validation
1.7. List of Data Sources
CHAPTER 2. EXECUTIVE SUMMARY
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
CHAPTER 3. U.S. GROUP LEVEL TERM INSURANCE MARKET VARIABLES, TRENDS, & SCOPE
3.1. Market Lineage Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.2. Market Restraint Analysis
3.2.3. Industry Challenge
3.3. U.S. Group Level Term Insurance Market Analysis Tools
3.3.1. Industry Analysis - Porter’s
3.3.1.1. Bargaining power of the suppliers
3.3.1.2. Bargaining power of the buyers
3.3.1.3. Threats of substitution
3.3.1.4. Threats from new entrants
3.3.1.5. Competitive rivalry
3.3.2. PESTEL Analysis
3.3.2.1. Political landscape
3.3.2.2. Economic and social landscape
3.3.2.3. Technological landscape
CHAPTER 4. U.S. GROUP LEVEL TERM INSURANCE MARKET: DISTRIBUTION CHANNEL ESTIMATES & TREND ANALYSIS
4.1. Segment Dashboard
4.2. U.S. Group Level Term Insurance Market: Distribution Channel Movement Analysis, 2024 & 2030 (USD Million)
4.3. Tied Agents and Branches
4.3.1. Tied Agents and Branches Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.4. Brokers
4.4.1. Brokers Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.5. Others
4.5.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
CHAPTER 5. COMPETITIVE LANDSCAPE
5.1. Company Categorization
5.2. Company Market Positioning
5.3. Company Heat Map Analysis
5.4. Company Profiles/Listing
5.4.1. MetLife
5.4.1.1. Participant’s Overview
5.4.1.2. Financial Performance
5.4.1.3. Product Benchmarking
5.4.1.4. Strategic Initiatives
5.4.2. Prudential Financial, Inc.
5.4.2.1. Participant’s Overview
5.4.2.2. Financial Performance
5.4.2.3. Product Benchmarking
5.4.2.4. Strategic Initiatives
5.4.3. Lincoln National Corporation
5.4.3.1. Participant’s Overview
5.4.3.2. Financial Performance
5.4.3.3. Product Benchmarking
5.4.3.4. Strategic Initiatives
5.4.4. Unum Group
5.4.4.1. Participant’s Overview
5.4.4.2. Financial Performance
5.4.4.3. Product Benchmarking
5.4.4.4. Strategic Initiatives
5.4.5. New York Life Insurance Company
5.4.5.1. Participant’s Overview
5.4.5.2. Financial Performance
5.4.5.3. Product Benchmarking
5.4.5.4. Strategic Initiatives
5.4.6. Voya Services Company
5.4.6.1. Participant’s Overview
5.4.6.2. Financial Performance
5.4.6.3. Product Benchmarking
5.4.6.4. Strategic Initiatives
5.4.7. United Healthcare Services, Inc.
5.4.7.1. Participant’s Overview
5.4.7.2. Financial Performance
5.4.7.3. Product Benchmarking
5.4.7.4. Strategic Initiatives
5.4.8. Securian Financial Group, Inc.
5.4.8.1. Participant’s Overview
5.4.8.2. Financial Performance
5.4.8.3. Product Benchmarking
5.4.8.4. Strategic Initiatives
5.4.9. Reliance Standard Life Insurance Co.
5.4.9.1. Participant’s Overview
5.4.9.2. Financial Performance
5.4.9.3. Product Benchmarking
5.4.9.4. Strategic Initiatives
5.4.10. The Guardian Life Insurance Company of America
5.4.10.1. Participant’s Overview
5.4.10.2. Financial Performance
5.4.10.3. Product Benchmarking
5.4.10.4. Strategic Initiatives
1.1. Market Segmentation and Scope
1.2. Research Methodology
1.2.1. Information Procurement
1.3. Information or Data Analysis
1.4. Methodology
1.5. Research Scope and Assumptions
1.6. Market Formulation & Validation
1.7. List of Data Sources
CHAPTER 2. EXECUTIVE SUMMARY
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
CHAPTER 3. U.S. GROUP LEVEL TERM INSURANCE MARKET VARIABLES, TRENDS, & SCOPE
3.1. Market Lineage Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.2. Market Restraint Analysis
3.2.3. Industry Challenge
3.3. U.S. Group Level Term Insurance Market Analysis Tools
3.3.1. Industry Analysis - Porter’s
3.3.1.1. Bargaining power of the suppliers
3.3.1.2. Bargaining power of the buyers
3.3.1.3. Threats of substitution
3.3.1.4. Threats from new entrants
3.3.1.5. Competitive rivalry
3.3.2. PESTEL Analysis
3.3.2.1. Political landscape
3.3.2.2. Economic and social landscape
3.3.2.3. Technological landscape
CHAPTER 4. U.S. GROUP LEVEL TERM INSURANCE MARKET: DISTRIBUTION CHANNEL ESTIMATES & TREND ANALYSIS
4.1. Segment Dashboard
4.2. U.S. Group Level Term Insurance Market: Distribution Channel Movement Analysis, 2024 & 2030 (USD Million)
4.3. Tied Agents and Branches
4.3.1. Tied Agents and Branches Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.4. Brokers
4.4.1. Brokers Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.5. Others
4.5.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
CHAPTER 5. COMPETITIVE LANDSCAPE
5.1. Company Categorization
5.2. Company Market Positioning
5.3. Company Heat Map Analysis
5.4. Company Profiles/Listing
5.4.1. MetLife
5.4.1.1. Participant’s Overview
5.4.1.2. Financial Performance
5.4.1.3. Product Benchmarking
5.4.1.4. Strategic Initiatives
5.4.2. Prudential Financial, Inc.
5.4.2.1. Participant’s Overview
5.4.2.2. Financial Performance
5.4.2.3. Product Benchmarking
5.4.2.4. Strategic Initiatives
5.4.3. Lincoln National Corporation
5.4.3.1. Participant’s Overview
5.4.3.2. Financial Performance
5.4.3.3. Product Benchmarking
5.4.3.4. Strategic Initiatives
5.4.4. Unum Group
5.4.4.1. Participant’s Overview
5.4.4.2. Financial Performance
5.4.4.3. Product Benchmarking
5.4.4.4. Strategic Initiatives
5.4.5. New York Life Insurance Company
5.4.5.1. Participant’s Overview
5.4.5.2. Financial Performance
5.4.5.3. Product Benchmarking
5.4.5.4. Strategic Initiatives
5.4.6. Voya Services Company
5.4.6.1. Participant’s Overview
5.4.6.2. Financial Performance
5.4.6.3. Product Benchmarking
5.4.6.4. Strategic Initiatives
5.4.7. United Healthcare Services, Inc.
5.4.7.1. Participant’s Overview
5.4.7.2. Financial Performance
5.4.7.3. Product Benchmarking
5.4.7.4. Strategic Initiatives
5.4.8. Securian Financial Group, Inc.
5.4.8.1. Participant’s Overview
5.4.8.2. Financial Performance
5.4.8.3. Product Benchmarking
5.4.8.4. Strategic Initiatives
5.4.9. Reliance Standard Life Insurance Co.
5.4.9.1. Participant’s Overview
5.4.9.2. Financial Performance
5.4.9.3. Product Benchmarking
5.4.9.4. Strategic Initiatives
5.4.10. The Guardian Life Insurance Company of America
5.4.10.1. Participant’s Overview
5.4.10.2. Financial Performance
5.4.10.3. Product Benchmarking
5.4.10.4. Strategic Initiatives
