Top Life Insurance Statistics for 2024 (2024)

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Top Life Insurance Statistics for 2024? ›

US life insurers are expected to see a benefit to investment income amid high interest rates in 2024, but investors will likely still be watching for potential issues related to their commercial real estate portfolios.

US life insurers are expected to see a benefit to investment income amid high interest rates in 2024, but investors will likely still be watching for potential issues related to their commercial real estate portfolios.

A study by the LIMRA and Life Happens shows that in 2023, the percentage of people who reported having life insurance increased to 52%, up from 50% in the previous year. Over the past 12 years, there has been a decrease in overall life insurance ownership, dropping from 63% in 2011.

State breakdown of life insurance ownership

California sold the most life insurance coverage, with the latest data indicating a face value of $229,683 million in individual life insurance policies and $119,244 in group life insurance policies.

How much life insurance does the average person have? According to the American Council of Life Insurers, the average size of new individual life insurance policies purchased in 2019 was $178,150 in 2019.

We expect robust growth in life business (premiums up 6.7% in 2024‒28), supported by rising demand for term life cover by the middle-class and the country's young population, and also increasing industry adoption of Insurtech.

This means that if you pass away afterward, your beneficiaries won't receive a death benefit. For example, if you got a 10-year term life insurance policy on January 1, 2023, it would expire on January 1, 2033.

Gen X (ages 44-59) and Baby Boomer (ages 60-78) claim the highest percentage of ownership at 55 percent and 57 percent, respectfully. Millennial and Gen X generations are significantly more likely to own term life insurance when compared to younger and older generations.

Term life insurance is a popular choice for most people because it's affordable, only lasts for as long as you need it, and doesn't come with many tax rules or restrictions.

What state has the worst insurance rates? ›

The intent to buy life insurance is higher among Gen Z (44%) and millennials (50%) than other generations .

Life insurance is no longer needed for many people once they reach their 60s or 70s. At this point they retire, their kids have grown up, and they've paid off their mortgage and other debts. However, others prefer to keep life insurance later in life to leave an inheritance and to pay off final expenses.

The average cost of a $500,000 whole life insurance policy for a healthy 30-year-old is $451 per month as of June 2024. Your personal rates depend on your age, gender, health, and hobbies, as well as how much coverage you need.

The Life insurance market market worldwide is projected to reach a market size (gross written premium) of US$3.67tn in 2024. The average spending per capita in the Life insurance market market is expected to amount to US$0.47k in the same year.

You Can Enjoy Increased Job Security

Nothing is guaranteed in life, but some professions have more stability than others. Insurance is widely considered an “evergreen career,” one which typically offers excellent job security.

The latest study, now in its 14^th year, finds a record-high number of American adults (42%) — representing 102 million adults — saying they need (or need more) life insurance. Importantly, 37% of consumers say they intend to purchase coverage within the next 12 months.

But when times are tough, we tend to focus simply on survival. If we're struggling to pay for everyday expenses, it's hard to see the value in investments that seem like extras. In an economic downturn or a recession, life insurance is more important than ever.