Life Insurance Fun Facts

Raise your hand if you enjoy statistics regarding life insurance! What… nobody? What about trivia regarding life insurance? Is there still no one?

We’re a little crazy here at LIB, so we put up a list of life insurance fun facts for you. In fact (no pun intended), we’ve compiled a list of over 20 exciting insurance facts that you often like.

Interesting Fun Facts About Life Insurance

What Happens If the Family’s Wage earner Dies? Within 30 days, 35% of Americans will be financially impacted.

FACT #1: Over a third of all American households stated they would experience the financial consequences of losing their primary breadwinner within a month if they died.

50 Million People Need More Coverage

FACT #2: Americans are so aware of the need for life insurance that one out of every five persons believes they are underinsured.

60 % have their life insurance policy

FACT #3: The great majority of people have life insurance. 59 % (3 out of 5) have their life insurance policy, have coverage via their employer, or have both.

The Top 3 Reasons Why People Buy Life Insurance in the United States

The following are the top three reasons why Americans got insurance last year:

• Pay for their funeral and burial expenses (91 percent)
• To transfer money to a recipient and/or leave an inheritance (63 percent)
• To replace income and offset lost pay of a wage employee in the home (66 percent)

22% of the population has both group and individual coverage

FACT #4: It’s usually a good idea to get your insurance coverage. You never know if you’ll be fired or if you’ll leave your job. Group term insurance is a fantastic advantage.

There are 23% fewer employers who provide life insurance to their employees

FACT #5: The following facts about group insurance: In 2017, just 48% of firms provided insurance to their employees. When compared to 2006, this is a 23% decrease. Unfortunately, this is a dangerous tendency. Since 2006, there has been a continuous reduction in employer-sponsored insurance plans.

20% of people do not have any life insurance. I’m Not Sure How Much To Get

FACT #6: Americans who lack any form of coverage require assistance. They understand the need to have insurance but are unsure how much to obtain. (*Hint: LIB is here to assist.)

40% are completely unaware. How Much Coverage They Require And How Much To Purchase

FACT #7: People are perplexed about how much insurance they require. They also don’t know what kind of life insurance to get. This is especially true for Millennials. Approximately 60% of Millennials polled felt this way.

Only 16% of spouses and partners are aware of the situation

FACT #8: Approximately 16% of Americans are unaware of how much coverage their significant other has. That figure is just too high.

25% Have Never Received Professional Counseling

FACT #9: Almost a quarter of all Americans indicated they have never been approached about their insurance or financial issues by an insurance agent or financial expert. With Millennials, the ratio rises to 43 percent.

Because of cost, 63 % do not get life insurance

FACT #10: Consumers do not acquire insurance because they believe it is too expensive. The other significant reasons were other financial concerns and the belief that they already had enough insurance

The Internet is preferred by 50% of life insurance buyers

FACT #11: About half of all customers over the age of 18 seek insurance or information online. According to 29% of all buyers, they will perform their insurance research and purchase online. This is a 7 percent increase over 2016. In addition, Baby Boomers make extensive use of internet information. Sixty-one percent of Baby Boomers stated they found online helpful knowledge.

Almost one-third (33%) of all Americans have purchased or attempted to buy life insurance online

FACT #12: Consider the following insurance facts. Millennials (73 percent) desired to meet with a financial advisor the most, followed by Baby Boomers (69 percent) and Gen Xers (33 percent) (64 percent ). Millennials were also more likely than other age groups to work with a financial advisor.

Gen X and Boomers purchase 70% of Whole Life Insurance

FACT #13: Younger generations are more inclined to get term insurance than permanent coverage. Whole Life (46 percent) was the most popular among millennials who purchased permanent items, followed by UL (25 percent ).

19 Million Shoppers Begin Buying Life Insurance – But Never Complete It

FACT #14: Almost 19 million insurance customers become stuck and abandon purchasing. It’s becoming better as more businesses provide no medical exam term coverage with simplified problem underwriting. However, some numbers from the insurance business are highly troubling. This is one of them because individuals are jeopardizing the financial prospects of their loved ones just because they did not finish the application.

52% of Americans want to avoid having a medical exam

FACT #15: People are busy and don’t want the inconvenience of arranging a medical exam. Some people dislike needles and refuse to have a blood test. Over half of potential buyers stated they’d be more likely to buy if the medical test wasn’t necessary. The good news is that they’re in luck. There are several no medical exam insurance businesses accessible. Products such as term assured issue, and ultimate expense can be purchased without an exam.

Mortgage debt of $209,000!

FACT #16: 84 percent of adults between the ages of 46 and 49 have an average mortgage debt of more than $209,000.

In the United States, there are over 790 life insurance companies

FACT #17: Are you ready to learn some fascinating facts about insurance companies? In the United States, there are 797 insurance firms. The number of insurance businesses in the United States has been steadily declining. The high was in 1990, when there were 2,195 insurance firms in the United States

Prudential has the most assets, exceeding $595 billion!

FACT #18: What is the largest insurance firm in the United States? When it comes to overall assets, Prudential is the clear winner. Prudential has a total asset value of $5,595,550,000.

Life Insurance Premiums Worth $137 Billion

FACT #19: The statistics for insurance firms are rather astounding. Especially when the overall amount of premiums paid is considered, by the end of 2017, insurance premiums totalled more than $137,000,000,000. This is an increase from $115 billion the prior year.

Most Shoppers Think Life Insurance Is 3xs The Actual Cost

Fact #20: Last but not least, most people would probably depart empty-handed if they were on The Price Is Right. They’d be wildly wrong on how much insurance costs if it was on the Showcase Showdown. Customers predicted that the cost of coverage would be more than three times the actual amount!

Conclusion

We hope these facts have presented you with some fascinating life insurance data. However, the bottom line with several life insurance facts is that consumers are underinsured and feel life insurance is prohibitively expensive.