Introduction
Welcome to our blog post on 20 fun facts and stats about life insurance! Life insurance is an important financial product that helps protect the financial stability of your loved ones in the event of your unexpected death. But, did you know that life insurance has a rich history dating back thousands of years, or that it can provide benefits beyond just financial protection? Keep reading for 20 interesting facts and statistics about life insurance that you may not have known.
When it comes to protecting the financial stability of your loved ones, life insurance is an essential consideration. But did you know that there is much more to this important financial product than meets the eye? Life insurance has a rich history dating back thousands of years and has evolved significantly over time to meet the changing needs of policyholders. Additionally, life insurance can provide a range of benefits beyond just financial protection for your loved ones.
Overview
Life insurance is an important financial product that helps protect the financial stability of your loved ones in the event of your unexpected death. But did you know that there is much more to life insurance than just providing financial protection? In this blog post, we will be exploring 20 fun facts and stats about life insurance that you may not have known. From the history of life insurance to the many ways it can be used today, these facts will give you a better understanding of the full scope of what life insurance has to offer.
We will delve into the different types of life insurance policies available, the various factors that can impact your life insurance premiums, and the role of the insurer in evaluating your application. We will also discuss the benefits of life insurance beyond just financial protection, such as providing peace of mind and supporting charitable causes.
Whether you’re already a policyholder or are just starting to explore your options, we hope you’ll find this information both interesting and useful. So let’s get started!
Life insurance is a financial product that provides financial protection to your loved ones in the event of your unexpected death. It has a rich history dating back to ancient civilizations, and the modern life insurance industry was born in the late 18th century. Life insurance can be used for more than just financial protection, and the amount of coverage you need can vary based on your personal circumstances. It’s also important to note that you don’t have to be in perfect health to qualify for life insurance, and it can provide peace of mind for you and your loved ones.
20 Fun Facts About Life Insurance: The List
- Life insurance originated in Ancient Rome with pooled funds for deceased families.
- The first modern life insurance policy in the US was issued in 1759 by the Presbyterian Synod of Philadelphia.
- Benjamin Franklin popularized the idea of life insurance in America through his writings in the late 1700s.
- Many life insurance companies in the 19th century US were started by fraternal organizations.
- The first company to offer accidental death coverage was 1887 the Travelers Insurance Company.
- Agents originally sold life insurance policies door-to-door, later mail and radio/film were used to advertise.
- The Mutual Life Insurance Company of New York (now AXA Equitable) issued the first million-dollar life insurance policy in 1911.
- Each state regulates the life insurance industry in the US with its own regulations and requirements.
- Term life insurance is typically the most affordable type of life insurance.
- Whole life insurance is typically more expensive than term life insurance and includes a savings component.
- Universal & variable life policies offer flexible premium & investment options than traditional whole life- insurance.
- Some people think they’re too young or not the primary breadwinner as reasons for not having life insurance.
- Life insurance policies have living benefits- borrow or pay for long-term care expenses.
- Some employers offer life insurance coverage as part of their employee benefits packages.
- It’s possible to insure someone else, but the policyholder must have an insurable interest.
- Many life insurance companies offer discounts for healthy lifestyle habits.
- Life policies can convert to long-term care coverage for chronic illness/disability.
- Online tools/calculators help estimate coverage needs for Life insurance.
- Individuals can tailor their life insurance policies to meet personal needs such as funding education or leaving a charity gift.
- 81% would pay more for adequate coverage over the risk of insufficient coverage- LIMRA study.
20 Fun Stats About Life Insurance: The List
- About 60% of Americans need more life insurance- 2019 Insurance Barometer Study by Life Happens and LIMRA.
- 4% of Americans have life insurance, per the 2020 Policygenius Life Insurance Census.
- Average individual coverage is $357,000- National Association of Insurance Commissioners (NAIC).
- 81% prefer to pay more for adequate coverage than risk having insufficient coverage- LIMRA study.
- Expense is the most common reason for not having life insurance- 2020 Policygenius Life Insurance Census.
- Only 28% of Americans know what term life insurance is, per the 2020 Policygenius Life Insurance Census.
- Only 25% of Americans know what whole life insurance is, per the 2020 Policygenius Life Insurance Census.
- Only 21% of Americans know what universal life insurance is, per the 2020 Policygenius Life Insurance Census.
- LIMRA study finds 29% of uninsured don’t know how much coverage they need.
- Only 18% of Americans know variable life insurance – 2020 Policygenius Life Insurance Census.
- 515,000 death benefit payouts in the US in 2016, per NAIC.
- 67% of consumers prefer buying life insurance from a human advisor to online, per LIMRA.
- 50% of policyholders bought life insurance to secure their family’s financial future – LIMRA study.
- The average age of life insurance policyholders is 49, per NAIC.
- 8% of Americans say they don’t need life insurance, per the 2020 Policygenius Life Insurance Census.
- 35% of adults under age 35 have life insurance, per the 2019 Insurance Barometer Study.
- -37% of Americans have life insurance through their employer, per the 2020 Policygenius Life Insurance Census.
- NAIC study shows covering final expenses, replacing income, and paying debts/mortgages as top reasons for buying life insurance.
- 80% of consumers who have life insurance say they are confident they have enough coverage, per LIMRA.
- 68% of Americans believe term life insurance best option- 2020 Policygenius Life Insurance Census.
Conclusion
In conclusion, this guide on “20 Fun Facts and Stats About Life Insurance” has highlighted some interesting and important information about the history, prevalence, and various aspects of life insurance. From understanding the origins of life insurance dating back to ancient Rome to exploring the different types of policies available and their associated costs, this guide aims to provide readers with a comprehensive overview of the life insurance industry. Additionally, the statistics included in this guide provide valuable insights into the current state of life insurance in the United States, including the average amount of coverage held by policyholders, the most common reasons people give for not having life insurance, and the reasons why people do decide to purchase a policy. Whether you are considering buying life insurance for the first time, or are just curious about the subject, this guide can be a helpful resource.
