As a financial first responder, the insurance industry has been around for decades for both calamities seen and unforeseen. Every year, the insurance industry plays a crucial role in the rebuilding and recovery process for its customers.
In this piece, we’ll be reeling out the must-know life insurance statistics of 2022. We’ll be relying on the 2021 Insurance Fact Book, the Future of Insurance Data 2021, Statista, and other sources.
Let’s pause for a minute and ponder on this;
If you die today, what will happen to your family financially? Are you going to leave them in a mountain of debt for your funeral? Let’s hope that you will not be on the negative life insurance statistics of 2021
1. How Many People Have Life Insurance in 2021?
Currently, about 54% of Americans have one form of life insurance. However, there are also conflicting data that many of these figures are underinsured.
2. Why are People Buying Life Insurance in 2021?
Let’s have a perspective on why consumers are purchasing life insurance. The top reasons include income replacements, burial, wealth transfer, mortgage, business, and tax savings.
Other reasons include college education, charitable giving, and estate planning.
3. What’s the Average Life Insurance Payout in 2021?
A life insurance payout value is the total sum of money to be paid to your beneficiaries. According to Statista, the average life insurance payout in the United States is around $168,000.
However, you should note that every life insurance company has its average payout.
4. What’s the Average Cost of Life Insurance in 2021?
According to Nerd Wallet, the average cost of life insurance is $27 a month.
It is essential to state that life insurance costs vary according to age, insurer, and policy type. Life insurance is based on life expectancy. Being young and healthy means a lower premium.
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