No one should be on their own after the death of a loved one and wage earner. Thankfully, there is a product that provides financial security to families in the event this happens. Life insurance is there for individuals, families and small business owners by providing them with financial protection in good times and bad.
Just 52% of Americans say they have some type of life insurance coverage.
38% of Americans say they need life insurance or more of it.
51% of widowed women are either living paycheck to paycheck or struggling to manage bills after a spouse’s passing.
Life insurance is a long-term agreement (contract) between a policyholder and an insurer. These policies provide benefits to loved ones after the policyholder passes away, but many also offer living benefits. This allows people to access features like cash value or certain accelerated benefits to help cover financial needs during difficult times.
90 million American families count on us for financial security. Life insurance can help cover daily living expenses, making it easier for families to stay in their homes and afford education expenses.
Small business owners may need help covering costs and keeping doors open during hard times, and nearly one-fourth have whole life insurance to support those needs.
Life insurance provides a foundation of security, offering peace of mind and certainty during uncertain times. In 2024, life insurers paid out $89 billion in life insurance benefits, helping families navigate some of life's most difficult moments. By providing financial protection when it's needed most, life insurance can also help families build a stronger financial future for generations to come.
Life insurance is a contract between a policyholder and an insurer. In exchange for regular payments, called premiums, the insurer promises to pay a cash amount, known as a death benefit, to the policyholder's designated beneficiary after the insured person dies.
The main two types of life insurance are term and permanent. Term life insurance covers the insured for a certain period of time, known as the term. The policy pays death benefits only if the insured dies during the term, which can be one, five, 10 or even 20 years.
Permanent life insurance is generally insurance that can stay in force for the life of the insured and accrues cash value, which is the amount available in cash upon surrender of a policy. Common types of permanent life insurance include whole life and endowment insurance.
Life insurance needs vary based on income, debts, dependents and financial goals. People can estimate the amount of coverage they may need using this calculator from Life Happens.
No. Many consumers believe life insurance costs much more than it actually does. Research from LIMRA and Life Happens found that adults ages 18 to 30 overestimate the cost of a typical term life insurance policy by five to six times. Coverage is generally more affordable when purchased earlier in life, with the average cost of life insurance being $26 a month.
Yes. Life insurers often provide coverage through employer-sponsored benefits programs. While workplace coverage can be a valuable starting point, additional protection may be needed depending on an individual's financial goals and family circumstances.
