The number of life insurance companies in the U.S. has fallen from well over two thousand from the 1990s to around 773 in 2018. In the U.S., life insurance typically includes contractual terms with specific exclusion clauses that limit the liability of the insurer to the policy holder such as in the case of war, suicide or fraud. Also, premiums are normally not deductible for federal and state income tax purposes.
Advances in computer technology have brought about changes in how consumers purchase life insurance. Using the internet to research and purchase life insurance is unsurprisingly more prevalent among younger generations than among their older counterparts. However, independent agents are still the most dominant distribution channels. Around four out of every ten people in the U.S. do not have life insurance coverage of any kind. In 2018, California had the highest number of life insurance purchases while Wyoming was the state with the least. Approximately 28 million life insurance policies were purchased across U.S. in that same year.