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Life Insurance Statistics

September 01, 2018
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The following 2017 Insurance Barometer Study is from LIMRA, the financial services industry organization that measures such attitudes and trends, and the nonprofit Life Happens.

 

  • Four in 10 Americans wish their spouse had more life insurance.
  • Some 60 million Americans have an average life insurance needs gap (the difference between their actual coverage and their needs) of $200,000.
  • About 70% of husbands own life insurance, while only 63% of wives can make the same claim.
  • While 85% of Americans believe households should have life insurance, only 59% have it.
  • Four in ten households without life insurance would struggle to pay living expenses if their primary wage earner died.
  • Americans’ average life insurance coverage would replace three years of income, down from 3.5 years in 2010.