Who Is Buying Life Insurance in the U.S.?

NEWPORT BEACH, Calif. - Aug. 7, 2023 - PRLog --

• Approximately 172 million of Americans own life insurance.
• About 50% of Americans do not have life insurance coverage as of 2022.
• Life insurance ownership rates have decreased by 2% since 2021 and about 13% over the last decade.
• 53% of American men own life insurance compared to 46% of women.
• Life insurance coverage has decreased by more than 10% over the last decade.
• 38% of single Americans have life insurance.
• 31% of Americans with incomes below $50,000 have life insurance.
• 52% of Americans with incomes between $50,000 and $99,000 have life insurance.
• 31% of Americans who want life insurance don't have it because they aren't sure which type of coverage to buy.
• Of people with household incomes of $100,000 or more, 37% aren't covered by a life insurance policy.
• In 2022, there was a 2% decrease in buying life insurance from 2021.
• 34% of Americans ages 18 to 24 own life insurance policies.
• 46% of Americans ages 25 to 44 own life insurance policies.
• 53% of Americans ages 45 to 64 own life insurance policies.
• 57% of Americans ages 65 and older own life insurance policies.
• 33% of women report needing life insurance but don't own a policy.
• 29% of men report needing life insurance but don't own a policy.
• 33% of women don't feel the need for life insurance.
• 18% of baby boomer Americans report needing life insurance but don't own a policy.
• 55% of Black Americans have life insurance coverage, compared to 42% of Hispanic Americans, 51% of White Americans and 52% of Asian Americans.
• White Americans are the least likely to own life insurance, they're also the least likely to perceive a need for coverage.
• 49% of people who want to buy life insurance do not because they think it's too expensive.
• 78% of life insurance owners with both worksite and individual coverage feel financially secure.
• 83% of Americans consider buying life insurance to cover burial and final expenses.
• 68% of Americans consider buying life insurance to cover the income of a deceased wage earner.
• 63% of Americans consider it important to buy life insurance to help transfer wealth or leave an inheritance.
• 55% of Americans report their other financial priorities are a major reason why they don't buy life insurance.
• 44% of women believe they have a life insurance coverage gap.

"People are confused about what kind of life insurance to buy and how it works," says Michael Orefice of SmartFinancial (https://smartfinancial.com/). "When consumers compare prices, they should also make sure the agent they speak with explains the ins and outs of every type of policy they are considering. No one should buy a plan if they are uncertain how it fits the financial plan they have for their family."