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Filed Under:Life Insurance, Life Products

14 reasons why life insurance is the best

How great is life insurance? Pretty darn great.

In honor of Life Insurance Awareness Month, we're looking at some of the great things life insurance does for America, from protecting families to employing millions.

These statistics are proof that what you're doing matters. And that you should probably go out and do some more of it.

75 million

75 million American families count on life insurers to protect their financial futures.

Source: ACLI based on U.S. Census 2011, and Federal Reserve Board 2010 Survey of Consumer Finances.

social security


Life insurance products pay out an average of $1.5 billion every day in the U.S. By comparison, Social Security pays out an average of $1.9 billion per day.

20 percent of Americans’ long-term savings are provided by life insurance, including annuities and permanent life insurance.


19.2 trillion

$19.2 trillion: Total life insurance coverage in force in the U.S. at the end of 2011.

$75 billion: Approximate amount of annuity benefit payments paid to annuity owners in 2011.

 Source: ACLI 2012 Life Insurers Fact Book

75 billion

$62 billion: Approximate amount life insurance companies provided in payments to beneficiaries of policyholders who died in 2011.

$75 billion: Approximate amount of annuity benefit payments paid to annuity owners in 2011.

 Source: ACLI 2012 Life Insurers Fact Book

2.9 trillion

$2.9 trillion: Amount of new life insurance coverage Americans purchased in 2011.

$162,000: Average size of new individual life policies purchased in 2011

Source: ACLI 2012 Life Insurers Fact Book

4.5 trillion 

Life insurance supports America

2.5 million U.S. jobs are directly supported by the life insurance industry


Life insurers have $4.5 trillion invested in the U.S. economy, making the industry one of the largest sources of capital in the nation.

The life insurance industry is the No. 1 U.S. investor in corporate bonds, holding 18 percent of all U.S. corporate bonds.

Source: The Heart of the Matter, LIMRA 2012

 Life is good

Life is good with life insurance

64 percent of life insurance owners think they have a better quality of life than the average American (vs. 51 percent of non-life insurance owners).

92 percent of life insurance owners reported that having enough money to protect family against life’s uncertainties is important to living life as a good person (vs. 85 percent of non-life insurance owners).

Source: New York Life’sKeep Good Going” report

See also:

How to leverage Life Insurance Awareness Month

5 events that increase the need for life insurance

The shocking statistics behind the life insurance coverage gap

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Nichole Morford

Nichole Morford
Managing Editor

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