In 2022, more than half of all life insurance sales were made by independent agents in the United States, though this share decreased when compared with 2019. Affiliated agents, also known as captive agents, were the next most used distribution channels in both years.
How many U.S. Americans have life insurance?
Life insurance is a tool that delineates what happens when a consumer passes away, financially. It decides how the money is delegated to beneficiaries. Life insurance also comes into practice when a person is unable to provide for their family due to unforeseen illness or disability. It acts as a safety net for cases of emergency. Signing up for insurance entails picking a policy, paying premiums, and then filing a claim for the payout when needed. The beneficiaries in the life insurance policy get the payout in either a lump sum or in payments, based on what is written in the contract. Approximately 50 percent of Americans owned life insurance in 2023. In the United States, policyholders must pay taxes on the federal and state level for these premiums.
Who are the leading players in the U.S.?
The largest life insurance company in the United States in 2022, by assets was Prudential Financial, headquartered in Newark, New Jersey. MetLife and New York Life followed behind with significantly fewer assets. The total number of life insurance companies domestically has been steadily decreasing since 1990.
Life insurance distribution channels in the United States from 2019 to 2022
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Independent agents include brokers, stockbrokers and personal producing general agents. Affiliated agents include career, multiline exclusive and home service agents. Direct response includes financial institutions and worksite and other channels.
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Insurance Information Institute. (March 16, 2024). Life insurance distribution channels in the United States from 2019 to 2022 [Graph]. In Statista. Retrieved September 01, 2024, from https://www.statista.com/statistics/377638/life-insurance-distribution-channels-usa/
Insurance Information Institute. "Life insurance distribution channels in the United States from 2019 to 2022." Chart. March 16, 2024. Statista. Accessed September 01, 2024. https://www.statista.com/statistics/377638/life-insurance-distribution-channels-usa/
Insurance Information Institute. (2024). Life insurance distribution channels in the United States from 2019 to 2022. Statista. Statista Inc.. Accessed: September 01, 2024. https://www.statista.com/statistics/377638/life-insurance-distribution-channels-usa/
Insurance Information Institute. "Life Insurance Distribution Channels in The United States from 2019 to 2022." Statista, Statista Inc., 16 Mar 2024, https://www.statista.com/statistics/377638/life-insurance-distribution-channels-usa/
Insurance Information Institute, Life insurance distribution channels in the United States from 2019 to 2022 Statista, https://www.statista.com/statistics/377638/life-insurance-distribution-channels-usa/ (last visited September 01, 2024)
Life insurance distribution channels in the United States from 2019 to 2022 [Graph], Insurance Information Institute, March 16, 2024. [Online]. Available: https://www.statista.com/statistics/377638/life-insurance-distribution-channels-usa/