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Gen Re has released the main findings of its 2024 U.S. Group Term Life Market Survey. The annual industry benchmark survey covers the US market’s Group Term Life (GTL) and Accidental Death & Dismemberment (AD&D) inforce and new sales results. The data represents employer-paid and employee-paid business combined.
Our survey is always popular with participants because it allows them to benchmark their results against those of their peers, as well as the industry as a whole.
Twenty-five companies provided GTL results for 2024. Twenty-one provided AD&D results. On a combined basis, total GTL and AD&D inforce premium reached $35.5 billion, with GTL representing the majority (94%) of the total.
Both GTL and AD&D inforce premium growth rates have stayed positive since 2016. GTL inforce premium increased 5% in 2024, while AD&D premium rose by 3%.
Overall, 80% of companies reported positive GTL inforce premium growth, and 76% reported positive AD&D inforce premium growth in 2024.
Both GTL new sales and inforce case counts increased by 1% in 2024. Case count growth has been positive since 2020. For companies providing the new sales breakdown of case size for the two-year period, the 10–99 category continues to account for the highest percentage of cases (55%), followed by the 1–9 segment (26%). Results were similar for inforce cases (52% and 27%, respectively). Less than 1% of cases fell in the 5,000+ range for both sales and inforce.
After seeing moderate growth in 2023, new sales lives declined 6% in 2024 and inforce sales lives remained flat year over year.
Average face amounts for new sales declined 3% in 2023. Inforce average face amounts grew by 4%. Monthly premium rates were up for both new sales and inforce business.
Average premium per life also increased for both new sales and inforce business.
Source: Gen Re, 2024 Group Term Life Market Survey
For more details, you can see the summary report from the Gen Re Research Center – and if you have any questions about its findings, don’t hesitate to reach out to me.
