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Who Buys Source

Profiling adults 18+ who acquired some type of life insurance in the past year:

GfK MRI, 2010

Of those adults 18+ who acquired some form of life insurance in the previous year, 53.3% were women and 46.7% were men.
 

GfK MRI, 2010

Adults 18+ who obtained some category of life insurance in the past year, by age group: 18-24, 9.8%; 25-34, 32.1%; 35-44, 25.8%; 45-54, 17.5%; 55-64, 9.6%; 65+, 5.2%.

GfK MRI, 2010

Adults 18+ who acquired some form of life insurance in the previous year, by income bracket: $100,000+, 30.4%; $75-99,999, 15.5%; $60-74,999, 13.1%; $50-59,999, 9.4%; $40-49,999, 5.8%;$30-39,999, 8.7%; $20-29,999, 9.0%; under $20,000, 8.2%.

GfK MRI, 2010

Adults 18+ who obtained some type of life insurance in the past year, by race: White, 70.3%; Black, 18.3%; Other, 11.5%; Hispanic origin, 11.6%.

GfK MRI, 2010

Adults 18+ who acquired some form of life insurance in the previous year, by region: Northeast, 13.9%; Midwest, 24.7%; South, 40.9%; West, 20.5%.

GfK MRI, 2010

Adults 18+ who obtained some category of life insurance in the past year, by marital status: Single, 24.4%; married, 60.3%; separated/widowed/divorced, 15.3%.

GfK MRI, 2010

According to a 2010 LIMRA survey, 58% of U.S. households say they need more life insurance -- the highest level ever. Even one-third of affluent households (income of $100,000+) say they do not have enough coverage.

LIMRA, 2010

A 2010 survey conducted by LIMRA revealed that African Americans are twice as likely to consider purchasing life insurance for themselves or for someone in their household, when compared to the general population.

LIMRA, 2010

More than 1 in 4 adult men and approximately 1 in 3 adult women carry no life insurance at all. Almost two-thirds of men ages 18-24, and about one-half of women in the same age bracket, have no life insurance coverage.

LIMRA, 2009

Forty-one percent of Gen X own individual life insurance, while only 22% of adult Gen Y have individual policies. On average, three-quarters of Baby Boomers own some sort of life insurance -- half owning individual life insurance policies and the rest having group policies.

LIMRA, 2009

Parents are the key purchasers of term life insurance. The availability of low-cost level-premium term insurance appears to be attractive to single parents and young families, who typically have less discretionary income.

LIMRA, 2009

Almost 40% of high-net-worth individuals (those with a net worth of $1 million or more, not including the value of their primay residences) do not have life insurance.

Best's Review, 2009

When They Buy Source

September is Life Insurance Awareness Month.

American Council of Life Insurers, 2010

Why They Buy Source

People buy life insurance for many reasons -- most often to replace income and pay for the insured's final expenses. Life insurance is also used to pay off mortgages, transfer wealth, replace another policy, pay college expenses, generate tax savings, pay estate taxes, for business purposes, and charitable gifting.

LIMRA, 2010

A survey by Prudential Financial asked life insurance policyholders to identify their primary considerations when determining the amount of coverage they purchased (more than one answer possible): Enough to pay for final expenses, 63%; to pay off mortgage and other debts, 59%; to replace family income, 53%; to pay for children's education, 53%; to leave a legacy for heirs, 21%. 

Best's Review, 2010

As compared to Baby Boomers who are more likely to have experience with life insurance and the companies that sell it, Gens X and Y rely on word-of-mouth and a company's reputation when deciding where to buy life insurance.

LIMRA, 2009

How They Buy Source

A 2010 survey by LIMRA showed that almost 6 in 10 Baby Boomers prefer to buy life insurance face-to-face, but this is changing among the younger generations.

LIMRA, 2010

A 2009 survey by LIMRA International found that 52% of consumers who sought information on individual life insurance, disability coverage, long-term care insurance or annuities made the Internet at least one of their information sources (up from 38% in 2006).

LIMRA, 2009

What They Buy Source

Three types of life insurance policies predominate the market. Individual insurance is underwritten separately for each individual who seeks insurance protection, while group insurance is underwritten on a group as a whole (such as the employees of a company or the members of an organization). Credit insurance guarantees payment of some credit, such as a mortgage or other loan, in the event the insured person dies, and can be bought on either an individual or a group basis.

American Council of Life Insurers, 2010

Of new life insurance purchased in 2008 (face amount), individual policies accounted for 61.3% of the total, while group life accounted for 35.3% of the amount. Credit life made up the  remaining 3.4%.

American Council of Life Insurers, 2009

Nineteen percent of retirees receive income from individually purchased annuities. Of these retirees, 37% receive regular monthly payments for life.

LIMRA, 2009

Where They Buy Source

According to statistics compiled by A.M. Best, life insurance companies with largest average policies issued in 2009: 1. Manulife Financial, $1,340,977; 2. Pacific Life Group, $1,268,349; 3. Lincoln Financial Group, $934,097; 4. Phoenix Life Group, $907,142; 5. Axa Financial Group, $861,358; 6. Sun Life Financial Group, $826,125; 7. Allianz Insurance Group, $715,608; 8. Securian Financial Group, $707,041; 9. Guardian Life Group, $667,997; 10. Prudential of America Group, $640,360.

Best's Review, 2011

Top life/health insurance underwriters in the U.S., based on 2009 assets (totals in billions): 1. Metropolitan Life & Affiliated Cos., $436.1; 2. Prudential of America Group, $367.2; 3. AIG Life Group, $312.7; 4. Hartford Life Group, $219.5; 5. Manulife Financial,$217.2; 6. TIAA Group, $204.7; 7. NY Life Group, $201.8; 8. Aegon USA Group, $179.8; 9. ING USA Life, $178.5; 10. Northwestern Mutual Group, $167.2. 

Best's Review, 2010

Leading companies in the sale of annuities in the second quarter of 2010, both variable and fixed (totals in billions): 1. Prudential Annuities, $10.971; 2. MetLife, $9.802; 3. Jackson National Life, $8.380; 4. TIAA-CREF, $6.981; 5. AIG Companies, $6.521; 6. Lincoln Financial Group, $5.938; 7. New York Life, $4.700; 8. Allianz Life of North America, $4.630; 9. ING, $3.406; 10. AXA Equitable, $3.196.

LIMRA, 2010

Top issuers of individual life insurance in 2008 (totals in billions): 1. American International Group, $150.4; 2. Northwestern Mutual, $111.3; 3. ING North America, $107.1; 4. Prudential Financial, $89.0; 5. Manulife Financial, $88.4; 6. MetLife, Inc., $85.3; 7. State Farm, $84.4; 8. New York Life, $78.7; 9. Primerica, $76.8; 10. Allstate, $53.6; 11. Legal & General, $53.4; 12. Protective Life, $51.0.

American Council of Life Insurers, 2009

Top issuers of group life insurance in 2008 (totals in billions): 1. MetLife, Inc., $192.6; 2. Hartford Life, $100.2; 3. Aetna, $76.4; 4. Minnesota Mutual, $68.0; 5. Prudential Financial, $63.8; 6. CIGNA, $53.7; 7. UnumProvident, $51.2; 8. Lincoln Financial, $50.6; 9. StanCorp Financial, $49.4; 10. UnitedHealth, $49.1; 11. ING North America, $44.4; 12. Sun Life Assurance, $36.3.

American Council of Life Insurers, 2009

States with the highest dollar volume of life insurance policy purchases in 2008 (includes individual, group and credit) (totals in billions): 1. California, $353.8; 2. Texas, $233.5; 3. New York, $189.1; 4. Florida, $184.3; 5. Illinois, $130.0; 6. Pennsylvania, $112.8; 7. New Jersey, $110.9; 8. Georgia, $105.0; 9. Ohio, $94.2; 10. Michigan, $83.2; 11. Massachusetts, $80.6; 12. North Carolina, $80.3.

American Council of Life Insurers, 2009

Business Trends Source

Overall premium sales for individual life insurance declined 16% in 2009. By category: Universal life, -20%; variable universal life, -49%; term life, -1%; whole life, +4%.

LIMRA, 2010

In 2009, insurance companies issued 9.4 million individual life insurance policies in the U.S. -- about one million fewer policies than in 2004. During the mid-1980s, about twice as many policies were issued compared with today.

LIMRA, 2010

For the first half of 2010, U.S. individual life insurance sales increased 9% when compared to the first six months of 2009. Sales increases/decreases by category for the first half of 2010: Universal life, +13%; variable universal life, +6%; term, -7%; whole life, +19%.

LIMRA, 2010

According to LIMRA's 2010 Life Insurance Ownership Study, only 44% of U.S. households have individual life insurance -- a 50-year low. The study also showed that 30% of U.S. households (35 million) have no life insurance coverage at all. One in four households rely only on group life insurance to provide financial protection.

LIMRA, 2010

Sales of variable annuities were off 18% in 2009 to $127.0 billion, while sales of fixed annuities dropped 1% in 2009 to $107.9 billion.

LIMRA, 2010

Almost 8 in 10 American households do not have a personal life insurance agent or broker.

LIMRA, 2010

A 2010 survey by LIMRA determined that only 26% of American households have any type of disability insurance.

LIMRA, 2010

Individual life represented 53.6% of all life insurance in force in the U.S. at the end of 2008, compared to 45.6% for group insurance and 0.8% for credit insurance.

American Council of Life Insurers, 2009

In 2008, total income of all life insurance companies decreased 1.0% to $940.6 billion, down from $950.4 billion in 2007. Insurance premiums (derived from life insurance, health insurance and annuities) accounted for 68.1% of total income, while investment earnings (27.6%) and other income (4.3%) accounted for the rest. 

American Council of Life Insurers, 2009

The amount of new life insurance purchased by Americans in 2008 totaled $3.047 trillion, down 2.0% from the prior year. By the end of 2008, total life insurance coverage in the U.S. reached $19.120 trillion, down from $19.539 trillion in 2007 and $14.471 trillion 10 years earlier.
 

American Council of Life Insurers, 2009

The total face amount of individual life insurance coverage in force increased to $10.254 trillion in 2008, compared to $10.232 trillion in 2007. In 1998, the amount of individual life insurance in force stood at $8.523 trillion.
 

American Council of Life Insurers, 2009

The total amount of group coverage fell 4.8% in 2008 to $8.717 trillion. Group in-force coverage -- most frequently coverage for employees obtained at the job -- stood at $5.735 trillion in 1998.


 

American Council of Life Insurers, 2009

A total of 7.9% of individual life insurance policies were voluntarily terminated in 2008, compared to 6.6% in 2007 and 6.9% in 2006.

American Council of Life Insurers, 2009

Distribution of life insurers' expenditures in 2008: Benefit payments, 61%; additions to reserves, 25%; operating expenses, 11%; investment expenses, 1%; taxes, 1%.

American Council of Life Insurers, 2009

Misc Source

States where the greatest number of life insurance companies are headquartered: 1. Texas, 128; 2. New York, 85; 3. Illinois, 65; 4. Pennsylvania, 47; 5. (tie) Arizona and Ohio, 44; 7. Louisiana, 36; 8. (tie) Indiana, Arkansas, Michigan and Nebraska, 30.

American Council of Life Insurers, 2009