Life Insurance Statistics, Facts, And Industry Trends For 2025
Currently, 52% of Americans own a life insurance policy (about 172.5 million people), though 41% of total adults (insured and uninsured) believe their coverage is insufficient. Additionally, over 100 million Americans are uninsured or underinsured.[10]
Several factors affect the decision to purchase life insurance coverage, like:
Age: Younger Americans are increasingly interested in insurance to protect their families, though older adults have the highest enrollment rates.
Income level: Higher-income consumers and higher-net-worth individuals may be more focused on asset protection and estate planning, making them more likely to buy life insurance.
Employment: Many Americans have insurance through their employer. This number lowers as Americans get older and reach retirement age.
Gender: Women are more likely to worry about familial well-being but less likely to purchase life insurance than men.
Marital status: Married people are more likely to buy life insurance than single individuals, possibly due to the added responsibilities of marriage, like joint mortgages and finances, as well as children.
Age, however, is the biggest determinant of whether someone will purchase life insurance. As baby boomers continue to fill out the 60+ age demographic, more will depend on their retirement savings and other means of post-career income.
1 in 3 people have life insurance because it’s provided by their employer.[14]
More than one-third (36%) of uninsured Americans haven’t purchased insurance because they don’t know what type or how much they need.[10]
39% of Americans plan to buy a life insurance policy within the next year, and Millennial (50%) and Gen Z (44%) populations are the most interested.[18]
40% of young adults ages 18-26 have a life insurance policy.[19]
Gen Z ages 18-26: 40%
Millennials age 27-42: 48%
Gen X ages 43-58: 54%
Baby Boomers ages 59-78+: 58%
Just 41% of single mothers have life insurance, though 59% of single mothers believe they need more life insurance, in part to cover their increased financial need as independent providers.[18]
Parents of minors are far more likely to have active life insurance policies (59%) compared to everyone else (52%).[10]
Men are more likely to be insured than women in America, at 55% and 49%, respectively.[10]
Women (51%) are more likely to be uninsured than men (45%), and women’s life insurance ownership has declined year-over-year for five years.[14]
2 in 3 (67%) consumers say they would be more loyal to insurers if premiums were lower.[17]
More customers are shopping online, and nearly a quarter (24%) of adults would prefer to compare and purchase a new policy entirely online without an in-person appointment.[17]
Social media is a growing resource for finance and life insurance insights, with a majority of consumers browsing Facebook (62%) and YouTube (58%) for information.[10]
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