In January 2023, 52% of consumers reported owning life insurance (e.g., individual, employer-sponsored, etc.), which is up from 50% in 2022 but down from63% in 2011.
Overall, there are more than 100 million uninsured and underinsured Americans who say they need (orneed more) life insurance coverage.
Thirty-eight percent of Americans say their household would face financial hardship within six months shoulda wage earner die unexpectedly — 30% would struggle financially within a month.
Among life insurance owners, 21% say they do not have enough coverage.
COVID-19 continues to influence people’s interest in life insurance — particularly younger adults:- Fifteen percent of individual life insurance owners say that the COVID-19 pandemic led them to purchase life insurance.- One third of Gen Z adults say COVID-19 was a reason they bought life insurance.
Just 45% of Hispanic Americans report owning life insurance, lower than other racial and ethnic groups. Black and white Americans’ ownership rate is nearly 10 percentage points higher than Hispanic Americans’.
Limra (2023, October 18). 2023 Life Insurance Fact Sheet. LIMRA. https://www.limra.com/en/SysSiteAssets/newsroom/liam/2023/0859-2023-liam-fact-sheet-2023_final.pdf