While Life Insurance might seem a little boring, I can promise you that it really isn’t once you really look at the brass tacks! Here’s a list of some surprising Life Insurance facts and statistics that might change your perceptions on Life Insurance being boring—and why it is important:
- In 2020, only 54% of Americans had Life Insurance Coverage.
- Gender, age, smoking status, health, your medical history, as well as other factors will impact your life insurance rates.
- The number of life insurance consumers who used the internet to buy Life Insurance increased from 17% in 2011 to 29% in 2020!
- A man’s average premium is about 12% more than a woman’s per month, and the average premium for a male increases on average 258% between age of 25 and age 50.
- Life Insurance benefits and claims totaled $747.4 billion in 202, $762.1 billion in 2019, and 784.0 billion in 2018, which shows the amount of claims is decreasing!
- 50% of people overestimate the cost of having a Life Insurance policy! And Millennials, in particular, usually overestimate the cost by over 200%!
- 42% of millennials estimate a $250,000 term life insurance policy for a young healthy person would cost around $1,000 a year when in reality it is more like $150-$200 a year! Also, 38% of millennials also do not try to purchase coverage because they feel like they won’t qualify!
- The average Life Insurance premium increases on average eight to ten percent for every year that you get older! Ago can influence whether a person does qualify for Life Insurance!
- Life expectancy in the United States went down to 77.8 in 2020 from 78.8 in 2019! Life insurance is more important than ever before!