Life insurance in the United States - statistics & facts
The first ever life insurance company in the United States was the Presbyterian Ministers Fund. Established in 1759 in Philadelphia, it was specifically created to assist Presbyterian widows and orphans. The industry has since grown and as of 2021, more than half of adults in the United States owned health insurance. With a total revenue of over 945 billion U.S. dollars in 2021 alone in the life/annuities industry, the life insurance industry in the United States provides employment for over 360,000 individuals throughout the U.S., as of 2020.
How has the life insurance industry changed over time?
In the United States, the life insurance industry is regulated at the state level, which means that each state has its own rules about, purchasing, maintaining, and claiming life insurance. The total number of policies in force across the U.S. as of 2020 exceeded 254 million – down from around 335 million policies in force in 2008. Similarly, the total number of life insurance companies in operation in the United States has also decreased over time.
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