Life insurance in the United States - statistics & facts
Getting married or having children often triggers people to take out life insurance. This coverage financially protects the policy owner's loved ones in the case of their untimely death as it means they will receive a lump sum from the insurance company. Yet, life insurance ownership in the United States dropped over the past decade.聽In 2023, about half of U.S. adults owned life insurance, down from 63 percent a decade earlier. This lump sum is often used to cover burial costs, pay off debt held by the deceased, or pay for children's college tuition. The median cost of a funeral for an adult in the U.S. continues to increase. Consumer debt in the U.S. is also on the rise. Being able to cover these expenses with a life insurance payout may help lighten the load for the grieving family.
