Life Insurance Facts
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UPDATED: Aug 6, 2020
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The following is a list of life insurance facts from the LIFE Foundation, which is sponsoring this month’s Life Insurance Awareness Month program.
- Approximately 75 percent of U.S. households own some life insurance coverage.
- LIMRA International estimates 68 million adult Americans have no form of life insurance.
- The average person owns life insurance of 3.6 times their annual income. Most believe they should own 5.7 times their annual income in life insurance. Many experts believe that number should be even higher.
- Life insurance companies paid out over $56 billion in death benefits in 2007.
- 93 percent of Americans surveyed by the LIFE Foundation in 2008 stated they believe most people should have life insurance.
Term life insurance is very inexpensive and straightforward to acquire. New policies can often be purchased online or by telephone with no medical exam for amounts up to $750K in most cases. Please contact one of our licensed life insurance professionals for more information and term life insurance quotes.