Life Insurance Facts That Are Actually Interesting

Alright, we admit it. Even those of us who are professionals in the insurance industry can get bored by statistics. In life insurance alone, there are mortality tables, life expectancies, and costs per thousand figures to contend with. Here, however, are some facts about life insurance you may actually find interesting. At least somewhat.

A Little More Than Half of Us Have Life Insurance

Recent statistics show that about 54% of Americans have some form of life insurance. It could be group life, individual coverage, term or permanent, but all told, that is barely half. That means of all your friends, relatives, and neighbors, only about one in every two people has life insurance coverage.

The Largest Life Insurance Policy Written

The Guinness Book of World Records states the largest life insurance policy written on an individual is for $201 million. It is said to be on the life of a Silicon Valley billionaire in the technology sector.

Average Life Insurance Payouts

You don’t need to feel like you need a million dollar policy to take care of your family. The fact is, most life insurance payouts are rather modest. While stats are difficult to nail down, many industry experts say the majority of payouts to beneficiaries are between $10,000 and $50,000. This amount of coverage can be very affordable.

Women Are Less Likely to Be Covered Sufficiently

It may not be surprising, but 11% fewer women have life insurance than men. While 58% of men have coverage, only 47% of women have coverage. Adding insult to injury is the fact that the insurance protection on a woman who does have a policy is significantly less than that on a man.

There are Hundreds of Choices

In 2020, there were 747 companies that insured lives in the United States. That is a lot of options for those considering the purchase of a life insurance policy.

The number of life insurers is just one very good reason to select an independent insurance agent to assist when securing life insurance. While a captive agent may only represent the products of a single brand he or she works for, an independent agent has a much wider network of companies to choose from. This allows them to do the shopping for you. You, of course, make the final decision. Are you ready to get started on your life insurance program? Contact one of our independent life insurance agents today.