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Life insurance ownership in the U.S. 2019
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Life insurance ownership in the U.S. 2019
Distribution of life insurance ownership in the United States in 2019
by Jennifer Rudden,
last edited
Aug 7, 2019
In 2019, 57 percent of Americans owned life insurance. Life insurance is a contract between an insurer and a policyholder, which is a form of financial protection for named beneficiaries of the insured person in case of their death. In 2017, 85 percent of policyholders said that they owned life insurance to cover burial and other final expenses, whereas 67 percent said it was to help replace lost wages or income of a wage earner.
Reasons why Americans don’t have life insurance
However, there are still many Americans without life insurance for a variety reasons. Over half of those surveyed in 2019 who didn’t own life insurance said that it was too expensive. Almost one fifth of the respondents said that they didn’t think they needed it. There are also several misconceptions about life insurance among those without it, such as beneficiaries having to pay income taxes on the death benefit, which is untrue. The proceeds of life insurance aren’t taxable and don’t have to be reported to the IRS, but any interest received is taxable.
Distribution of life insurance ownership in the United States in 2019
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by Jennifer Rudden,
last edited
Aug 7, 2019
In 2019, 57 percent of Americans owned life insurance. Life insurance is a contract between an insurer and a policyholder, which is a form of financial protection for named beneficiaries of the insured person in case of their death. In 2017, 85 percent of policyholders said that they owned life insurance to cover burial and other final expenses, whereas 67 percent said it was to help replace lost wages or income of a wage earner.
Reasons why Americans don’t have life insurance
However, there are still many Americans without life insurance for a variety reasons. Over half of those surveyed in 2019 who didn’t own life insurance said that it was too expensive. Almost one fifth of the respondents said that they didn’t think they needed it. There are also several misconceptions about life insurance among those without it, such as beneficiaries having to pay income taxes on the death benefit, which is untrue. The proceeds of life insurance aren’t taxable and don’t have to be reported to the IRS, but any interest received is taxable.
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- Release date
- April 2019
- Region
- United States
- Survey time period
- January 2019
- Number of respondents
- over 2,000
- Age group
- 18 years and older
- Method of interview
- Online panel
Source
- Show sources information
- Show publisher information
- Release date
- April 2019
More information
- Region
- United States
- Survey time period
- January 2019
- Number of respondents
- over 2,000
- Age group
- 18 years and older
- Method of interview
- Online panel
Other statistics on the topic
Life insurance in the U.S.
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Statistics on "Life insurance in the United States"
- Life insurance market
The most important statistics
- Development in the total number of life insurance companies in the United States from 1950 to 2017Number of life insurance companies in the U.S. 1950-2017
- Largest life insurance companies in the United States in 2017, by assets (in billion U.S. dollars) Leading life insurance companies in the U.S. 2017, by assets
- Largest life insurance companies in the United States in 2017, by total net life insurance premiums (in billion U.S. dollars)Largest U.S. life insurance companies 2017, by net life insurance premiums
- Leading life insurers in the United States in 2017, by total annuity reserves (in billion U.S. dollars)Leading life insurers in the U.S. 2017, by total annuity reserves
- Leading writers of individual life insurance in the United States in 2018, by direct premiums written (in billion U.S. dollars)Leading U.S. individual life insurance writers in 2018, by direct premiums written
- Number of life insurance companies in the United States from 2011 to 2017, by organizational structureNumber of U.S. life insurance companies 2011-2017, by organizational structure
- Number of foreign life insurers operating in the United States in 2017, by country of originNumber of foreign life insurance companies in the U.S. 2017, by country of origin
- Number of life insurance employees in the United States from 1960 to 2017 (in thousands)Number of employees in the life insurance sector in the U.S. 1960-2017
- Key figures
The most important statistics
- Value of assets of life insurance companies in the United States from 1990 to 2017 (in trillion U.S. dollars)Value of assets held by U.S. life insurers 1990-2017
- Total income of life insurers in the United States from 2000 to 2017 (in billion U.S. dollars)U.S. life insurers' income 2000-2017
- Income of life insurers from net life insurance premiums in the United States from 2000 to 2017 (in billion U.S. dollars)U.S. life insurers: income from net life insurance premiums 2000-2017
- Income of life insurance companies in the United States from 2012 to 2017, by source (in billion U.S. dollars)Income of life insurers in the U.S. by source 2012-2017
- Rate of return on assets invested by life insurers in the United States from 2000 to 2017Rate of return on life insurers' invested assets in the U.S. 2000-2017
- Value of life insurers' assets in the United States from 1997 to 2017 (in trillion U.S. dollars)Life insurers' assets in the U.S. 1997-2017
- Distribution of life insurers' net premium receipts in the United States in 2017Distribution of U.S. life insurers' net premium receipts 2017
- Annuity considerations of life insurers in the United States from 2000 to 2017 (in billion U.S. dollars)Annuity considerations of life insurers in the U.S. 2000-2017
- Policy purchases
The most important statistics
- Share of adults who owned life insurance in the United States from 2011 to 2019Share of adults who owned life insurance in the U.S. 2011-2019
- Difference between perceived life insurance needs and actual ownership rate in the United States from 2011 to 2019Life insurance ownership gap in the U.S. 2011-2019
- Number of life insurance policy purchases in the United States from 1998 to 2017 (in millions)U.S. life insurance: total number of policy purchases 1998-2017
- Number of individual life insurance policy purchases in the United States from 2009 to 2017 (in thousands)U.S. life insurance: number of individual life policies purchased 2009-2017
- Number of group life insurance policy purchases in the United States from 2009 to 2017 (in thousands)U.S. life insurance: number of group policies purchased 2009-2017
- Number of credit life insurance policy purchases in the United States from 2009 to 2017 (in thousands)U.S. life insurance: number of credit life policies purchased 2009-2017
- Face amount of life insurance policy purchases in the United States from 2000 to 2017 (in trillion U.S. dollars)U.S. life insurance: face amount of policy purchases 2000-2017
- Total face amount of life insurance policies in force in the United States from 2009 to 2017 (in trillion U.S. dollars)U.S. life insurance: face amount of policies in force 2009-2017
- Consumer perspective
The most important statistics
- Life insurance distribution channels in the United States in 2018Life insurance distribution channels in the U.S. 2018
- Distribution of life insurance ownership in the United States in 2019Life insurance ownership in the U.S. 2019
- Reasons for owning life insurance in the United States in 2019Reasons for buying life insurance in the U.S. 2019
- Reasons for not purchasing life insurance in the United States in 2019Reasons for not purchasing life insurance in the U.S. 2019
- Intention of internet use for life insurance research and purchase in the United States in 2018, by generationIntention of internet use while buying life insurance in the U.S. 2018, by generation
- Level of life insurance knowledge among owners and non-owners in the United States in 2019Life insurance knowledge among owners vs non-owners in the U.S. 2019
- Benefits of simplified underwriting according to life insurance policyholders in the United States in 2018 and 2019Benefits of simplified underwriting according to consumers in the U.S. 2018-2019
- Likelihood of customers buying life insurance due to simplified underwriting in the United States in 2018 and 2019Life insurance purchase due to simplified underwriting in the U.S. 2018-2019
- Miscellaneuous
The most important statistics
- Value of bond assets held by life insurers in the United States from 1990 to 2017 (in trillion U.S. dollars)Value of bonds held by life insurers in the U.S. 1990-2017
- Value of mortgage assets held by life insurers in the United States from 1990 to 2017 (in billion U.S. dollars)Value of mortgages held by life insurers in the U.S. 1990-2017
- Value of real estate held by life insurers in the United States from 1990 to 2017 (in billion U.S. dollars)Value of real estate held by life insurers in the U.S. 1990-2017
- Value of policy loan assets held by life insurers in the United States from 1990 to 2017 (in billion U.S. dollars)Value of policy loans held by life insurers in the U.S. 1990-2017
- Life insurers' income from receipts of annuity considerations in the United States from 2001 to 2017 (in billion U.S. dollars)U.S. life insurers' receipts of annuity considerations 2001-2017
- Direct premium receipts of life insurers in the United States from 2011 to 2017, by segment (in billion U.S. dollars)Direct premium receipts of life insurers in the U.S. 2011-2017, by segment
- Distribution of life insurer's assets in the United States in 2017Asset distribution of U.S. life insurers 2017
- Volume of profit flows from life insurance products in the United States in 2017, by company type (in billion U.S. dollars)Life insurance profits in the U.S. 2017, by company type
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Further Content: Statistics, Studies, and Topic Pages
Statistics
- NPS of life insurance customers in selected countries globally 2018, by channel
- Share of customers buying a P&C product using digital channels 2016, by country
- Preferred life insurance purchase locations in the U.S. 2016
- Life assurance investments distribution in Ireland 2017, by policyholder funds
- Italy: life insurance holders 2016
- Life assurance investments in Ireland 2017, by type of policyholder funds
- Life insurance usage in France 2014-2018
- Life insurance ownership in the U.S. 2015, by household income
- Life insurance ownership in the U.S. 2016, by age
- Life insurance ownership in the U.S. 2016, by gender
- Customer satisfaction with life insurance companies in South Africa 2015-2016
- Value of life insurance premiums in Sub-Saharan Africa 2014, by country
- Penetration rate of life insurance in Sub-Saharan Africa 2014, by country
- Recent motor insurance policies in the UK 2015, by family financial status
- Types of insurance owned in the United States 2018
- Adults that do not opt for cheapest insurance in UK 2015, by family financial status
- Digital channel usage by tech-savvy insurance customers worldwide 2018, by type
- Adults that select the cheapest insurance in the UK 2015, by family financial status
- General insurance providers customer satisfaction in Australia 2019
Studies
- Life insurance worldwide
- Life insurance in the United States
- Life insurance in Italy
- Life insurance in the Benelux
- Life insurance in the UK
- Life insurance fact book 2018
- Canadian Life and Health Insurance Facts (2019 Edition)
- ACLI Life Insurers Fact Book 2018
- Generali group - Insurance Dossier 2018
- ACLI Life Insurers Fact Book 2017
- Canadian Life and Health Insurance Facts (2018 Edition)
- ACLI Life Insurers Fact Book 2016
- European Insurance - Key Facts
- UK insurance and long-term savings 2019 - the state of the market
- European Insurance in Figures 2016 data
Statistics on "Life insurance in the United States"
- Number of life insurance companies in the U.S. 1950-2017
- Leading life insurance companies in the U.S. 2017, by assets
- Largest U.S. life insurance companies 2017, by net life insurance premiums
- Leading life insurers in the U.S. 2017, by total annuity reserves
- Leading U.S. individual life insurance writers in 2018, by direct premiums written
- Number of U.S. life insurance companies 2011-2017, by organizational structure
- Number of foreign life insurance companies in the U.S. 2017, by country of origin
- Number of employees in the life insurance sector in the U.S. 1960-2017
- Number of stock life insurance companies in the U.S. 1950-2017
- Number of mutual life insurance companies in the U.S. 1950-2017
- Value of assets held by U.S. life insurers 1990-2017
- U.S. life insurers' income 2000-2017
- U.S. life insurers: income from net life insurance premiums 2000-2017
- Income of life insurers in the U.S. by source 2012-2017
- Rate of return on life insurers' invested assets in the U.S. 2000-2017
- Life insurers' assets in the U.S. 1997-2017
- Distribution of U.S. life insurers' net premium receipts 2017
- Annuity considerations of life insurers in the U.S. 2000-2017
- Share of adults who owned life insurance in the U.S. 2011-2019
- Life insurance ownership gap in the U.S. 2011-2019
- U.S. life insurance: total number of policy purchases 1998-2017
- U.S. life insurance: number of individual life policies purchased 2009-2017
- U.S. life insurance: number of group policies purchased 2009-2017
- U.S. life insurance: number of credit life policies purchased 2009-2017
- U.S. life insurance: face amount of policy purchases 2000-2017
- U.S. life insurance: face amount of policies in force 2009-2017
- U.S. life insurance purchases value 2017, by state
- Life insurance distribution channels in the U.S. 2018
- Life insurance ownership in the U.S. 2019
- Reasons for buying life insurance in the U.S. 2019
- Reasons for not purchasing life insurance in the U.S. 2019
- Intention of internet use while buying life insurance in the U.S. 2018, by generation
- Life insurance knowledge among owners vs non-owners in the U.S. 2019
- Benefits of simplified underwriting according to consumers in the U.S. 2018-2019
- Life insurance purchase due to simplified underwriting in the U.S. 2018-2019
- Value of bonds held by life insurers in the U.S. 1990-2017
- Value of mortgages held by life insurers in the U.S. 1990-2017
- Value of real estate held by life insurers in the U.S. 1990-2017
- Value of policy loans held by life insurers in the U.S. 1990-2017
- U.S. life insurers' receipts of annuity considerations 2001-2017
- Direct premium receipts of life insurers in the U.S. 2011-2017, by segment
- Asset distribution of U.S. life insurers 2017
- Life insurance profits in the U.S. 2017, by company type
- NPS of life insurance customers in selected countries globally 2018, by channel
- Share of customers buying a P&C product using digital channels 2016, by country
- Preferred life insurance purchase locations in the U.S. 2016
- Life assurance investments distribution in Ireland 2017, by policyholder funds
- Italy: life insurance holders 2016
- Life assurance investments in Ireland 2017, by type of policyholder funds
- Life insurance usage in France 2014-2018
- Life insurance ownership in the U.S. 2015, by household income
- Life insurance ownership in the U.S. 2016, by age
- Life insurance ownership in the U.S. 2016, by gender
- Customer satisfaction with life insurance companies in South Africa 2015-2016
- Value of life insurance premiums in Sub-Saharan Africa 2014, by country
- Penetration rate of life insurance in Sub-Saharan Africa 2014, by country
- Recent motor insurance policies in the UK 2015, by family financial status
- Types of insurance owned in the United States 2018
- Adults that do not opt for cheapest insurance in UK 2015, by family financial status
- Digital channel usage by tech-savvy insurance customers worldwide 2018, by type
- Adults that select the cheapest insurance in the UK 2015, by family financial status
- General insurance providers customer satisfaction in Australia 2019
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