Global Financial Protection Market (2021 to 2030) – by Type, Policy Coverage, End-user and Region – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Financial Protection Market by Type, Policy Coverage and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to ResearchAndMarkets.com’s offering.
Financial protection provides a regular replacement income if someone is unable to work because of illness or injury. Typically, an income protection policy pays out after the insured person has been off work for 6 months often called a deferred or waiting period and can pay a percentage of their salary until either they return to work, reach state pension age, or if they die while claiming.
However, the employer, or individual can choose their waiting period for getting the payment from financial protection scheme. Moreover, if an employee is able to return to work on a reduced basis, financial protection plans pay a reduced amount of salary, which can be compensated with the salary received by the employee after joining the office.
Financial protection ensures income of insured person continues even if they cannot work and ensure financial protection of their families. This is a major growth factor for the financial protection market. In addition, financial protection can be customized as per the insured person and financial protection gives mental peace to the insured person to focus on their health recovery. Therefore, these are some of the factors propelling the market growth.
However, pre-existing medical conditions affecting premiums for financial protection and longer waiting periods are some of the major factors limiting the financial protection market. On the contrary, instability in the employment rate due to which people lose their job and are unable to pay for basic needs require income protection plans to pay for their daily needs such as groceries and medical bills, which is expected to increase demand for financial protection in the coming years.
The financial protection market is segmented on the basis of type, policy coverage, end user, and region. By type, it is segmented into long-term financial protection and short-term financial protection. By policy coverage, it is bifurcated into payment protection and mortgage payment protection. By end user type, the market is divided into men and women. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits
- The study provides in-depth analysis of the global financial protection market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global financial protection market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global financial protection market from 2021 to 2028 is provided to determine the market potential.
Market Dynamics
- Drivers
- Financial protection ensures continuation of income even if the insured cannot work due to health condition
- Income protection insurance can be customized
- Income protection provides mental peace to the insured to focus on their recovery
- Restraints
- Pre-existing medical conditions affect premiums
- Longer waiting period for certain insurance policies
- Opportunities
- Instability of employment rate
Companies Mentioned
- AXA
- ABI
- American International Group, Inc.
- Aviva
- Aon
- Citizens Advice
- Marsh Ltd.
- StanCorp Financial Group Inc.
- The Guardian Life Insurance Company of America
- Zurich
For more information about this report visit https://www.researchandmarkets.com/r/d6dqs2
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