Written by Anthony Martin
Life insurance coverage is one of the simplest ways to ensure your family’s financial security and peace of mind, though 48% of Americans don’t have it. We pulled the most current life insurance statistics to showcase the benefits of coverage, evolving consumer beliefs and trends, and a growing insurance industry.
Fact Check
Key Takeaways
While 52% of Americans have an insurance policy, men (55%) are more likely to be insured than women (49%).
Over 100 million Americans are uninsured or underinsured.
30% of Americans would suffer financial hardship within one month of the unexpected death of a wage earner.
The value of all reported direct life insurance premiums in 2022 was $879 billion.
Statistics On Life Insurance At A Glance
No matter your walk of life in this country, it’s a good idea to cover your dependents and loved ones with a life insurance policy. But, many Americans (42%) hesitate to get life insurance because they believe it costs too much (even though consumers overestimate costs by 3-6 times the actual rates).[10]
Worse, they might avoid it altogether because of procrastination. Explore key facts to learn more about life insurance as a tool for financial security below.
Covering burial and final expenses is the #1 reason that Americans purchase life insurance, with 60% stating it’s important to them.[10]
64% of women say “paying for burial expenses” is the top reason they have life insurance, compared to 56% of men.[10]
23% of Americans only consider life insurance for burial and final expense coverage.[10]
Whole life insurance or IUL premiums vary with age, health, and policy size. Monthly costs for a high-value $100,000 policy range between $156 for a 35-year-old woman up to $1,856 for an 85-year-old man.
$197,000 is the average life insurance policy size for new contracts in 2022.[4]
33% of men feel they are very knowledgeable about life insurance, compared to just 22% of women.[10]
Roughly a quarter of men (20%) and women (27%) consider life insurance as a way to supplement retirement income.[10]
Almost one-third (30%) of Americans would suffer a financial hardship within one month of the unexpected death of a wage earner, while 38% only have a six-month runway.[10]
The number of policyholders who prefer direct or digital channels rose from 38% to 54% because of the COVID-19 pandemic.[16]
68% of people with dependents enrolled in life insurance feel financially safe compared to 47% of people without a policy.[13]
Almost half (4 in 10) of people with life insurance wish they had purchased policies when they were younger.[12]
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