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Life Insurance Learning Center | 09-10-19

American Consumers and Life Insurance

At AgileLifeInsurance, we are always looking for better ways to serve our customers. As such, we wanted to understand how people in the United States felt about life insurance, and how much they understood regarding their policies. In what will be the first of many research projects to help facilitate this, we found some pretty interesting statistics.

Do you currently have life insurance? 36% of American do not!

Nearly two thirds of survey participants, 64.45%, owned a life insurance policy. This is interesting because unlike other forms of insurance, consumers are not required to get life insurance. Seeing such a large percentage of users with a life insurance plan shows that people understand the necessity.

How much insurance coverage do you currently have?

Of those with a life insurance policy, the coverage amount for individuals varied – 30.4% had less than $49,999 in total coverage, 35.9% had total life insurance coverage ranging between $50,000 to $149,999, and 18.9% had total life insurance coverage ranging between $150,000 to $349,999. On the high end, 5.2% of survey participants has total life insurance coverage that was greater than $1,000,000.

Do you feel that your level of coverage will be enough if an emergency happens?

Less than half of consumers who had already purchased a life insurance felt confident that they had enough coverage.

How satisfied are you with your current life insurance policy?

Life insurance policyholders are generally happy with their policy. Only 6% mentioned that they were either dissatisfied or very dissatisfied with their policy.

Do you believe that life insurance is important?

The vast majority of survey participants 77%, responded that they believed having life insurance is important.

Why have you chosen to forgo life insurance?

For those who do not have health insurance, we asked why they did not own a life insurance policy, they responded that either they could not afford it, 43%, or they had not thought about it, 38%.