Life insurance ownership in the United States slightly declined again in 2024. In that year, ** percent of Americans owned life insurance, up from ** percent in 2023. Life insurance is a contract between an insurer and a policyholder, which is a form of financial protection for named beneficiaries of the insured person in case of their death. In 2023, the most common reason for owning life insurance was to cover burial and final expenses.

In 2023, ** percent of Americans owned life insurance, down from ** percent in 2011. There are several reasons why people don't buy life insurance, such as cost or lack of necessity.

Graph and download economic data for Share of Life Insurance Reserves Held by the Top 0.1% (99.9th to 100th Wealth Percentiles) (WFRBSTP1294) from Q3 1989 to Q2 2025 about shares, life, wealth, insurance, percentile, and USA.

The USA: Non-life insurance premium volume, percent of GDP: The latest value from 2020 is 3.39 percent, an increase from 3.24 percent in 2019. In comparison, the world average is 1.37 percent, based on data from 96 countries. Historically, the average for the USA from 1996 to 2020 is 3.26 percent. The minimum value, 2.94 percent, was reached in 2000 while the maximum of 3.72 percent was recorded in 2003.

In 2023, the largest share of the U.S. life insurance market was held by Milwaukee-based Northwestern Mutual, which accounted for **** percent of the market. As a mutual society specializing in life insurance, Northwestern Mutual has attained a higher share of this market than diversified, publicly listed insurance giants like MetLife and Corebridge Financial (formerly AIG Life). In fact, many of the largest life insurance companies in the United States are not publicly listed, so do not factor into the list of the largest U.S. life insurance companies by market capitalization.

Graph and download economic data for Share of Deferred and Unpaid Life Insurance Premiums Held by the Top 1% (99th to 100th Wealth Percentiles) (WFRBST01133) from Q3 1989 to Q2 2025 about deferred, premium, paid, life, wealth, insurance, percentile, and USA.

Graph and download economic data for Life Insurance Companies, Separate Accounts; Share of General Account Annuities That Are Sold to Individuals, Excluding Unallocated Insurance Contracts; Liability, Level (BOGZ1FL543150286A) from 1945 to 2024 about annuities, contracts, separations, individual, life, insurance, liabilities, sales, and USA.

In 2023, more than **** of all life insurance sales were made by independent agents in the United States, though this share decreased when compared with 2019. Affiliated agents, also known as captive agents, were the next most used distribution channels in both years. How many U.S. Americans have life insurance? Life insurance is a tool that delineates what happens when a consumer passes away, financially. It decides how the money is delegated to beneficiaries. Life insurance also comes into practice when a person is unable to provide for their family due to unforeseen illness or disability. It acts as a safety net for cases of emergency. Signing up for insurance entails picking a policy, paying premiums, and then filing a claim for the payout when needed. The beneficiaries in the life insurance policy get the payout in either a lump sum or in payments, based on what is written in the contract. Approximately ** percent of Americans owned life insurance in 2023. In the United States, policyholders must pay taxes on the federal and state level for these premiums. Who are the leading players in the U.S.? The largest life insurance company in the United States in 2022, by assets was Prudential Financial, headquartered in Newark, New Jersey. MetLife and New York Life followed behind with significantly fewer assets. The total number of life insurance companies domestically has been steadily decreasing since 1990.

Guaranteed Issue Life Insurance Market Outlook

According to our latest research, the global guaranteed issue life insurance market size reached USD 4.2 billion in 2024, experiencing robust expansion with a CAGR of 6.7% over the past few years. This growth is primarily driven by increasing demand for accessible life insurance solutions among senior citizens and individuals with pre-existing health conditions. Based on the projected CAGR, the guaranteed issue life insurance market is forecasted to reach USD 7.7 billion by 2033, reflecting a strong trend towards inclusive financial protection products. As per our latest research, the combination of aging demographics, digital distribution advancements, and evolving regulatory frameworks are propelling the market forward.

The primary growth factor for the guaranteed issue life insurance market is the rising global geriatric population, particularly in developed economies such as the United States, Japan, and Western Europe. As the proportion of individuals aged 60 and above continues to rise, there is a parallel increase in demand for life insurance products that do not require stringent medical underwriting or health checks. Guaranteed issue life insurance offers a critical solution for seniors and those with chronic illnesses who are often excluded from traditional life insurance policies due to health-related risks. The productÂ’s simplicity, coupled with the assurance of acceptance, has made it an attractive choice for individuals seeking peace of mind and financial security for their dependents, thereby fueling market growth.

Another significant driver for the guaranteed issue life insurance market is the increasing awareness and education about financial planning and insurance among adults of all age groups. With the proliferation of digital platforms and financial literacy campaigns, more individuals are recognizing the importance of life insurance as a tool for legacy planning and debt coverage. This trend is particularly evident among adults who may have been previously uninsured or underinsured due to health or lifestyle factors. The ability to obtain coverage without medical exams or health questions makes guaranteed issue policies especially appealing to this segment. Additionally, insurers are leveraging technology to streamline underwriting and policy issuance, further reducing barriers to entry and expanding the marketÂ’s reach.

Technological advancements and the digital transformation of the insurance industry have also played a pivotal role in the expansion of the guaranteed issue life insurance market. The emergence of online platforms, digital brokers, and insurtech startups has revolutionized the way life insurance is marketed, sold, and managed. Consumers can now compare policies, obtain quotes, and complete applications entirely online, often within minutes. This ease of access is particularly beneficial for individuals with mobility issues or those residing in remote areas. Moreover, the integration of artificial intelligence and data analytics enables insurers to optimize pricing, manage risk more effectively, and personalize product offerings, thereby enhancing the overall customer experience and supporting sustained market growth.

From a regional perspective, North America continues to dominate the guaranteed issue life insurance market, accounting for the largest share in 2024. This is attributable to a well-established insurance infrastructure, high consumer awareness, and favorable regulatory policies that support product innovation and distribution. Europe follows closely, with significant growth observed in countries with aging populations and comprehensive social welfare systems. The Asia Pacific region, while currently representing a smaller share, is expected to exhibit the fastest growth over the forecast period, driven by rapid urbanization, increasing disposable incomes, and the expansion of digital insurance channels. Latin America and the Middle East & Africa are also witnessing steady growth, albeit from a lower base, as insurers tap into underserved markets and adapt products to local needs.

Credit Life Insurance is another important aspect of the broader life insurance market, offering a specialized form of coverage that pays off a borrower's debt if they pass away. This type of insurance is particularly rel

In 2023, insurance penetration was highest in the South Africa where the value of insurance premiums accounted for almost ** percent of GDP. Insurance penetration is used as an indicator of insurance sector development within a country and is calculated as the ratio of total insurance premiums to gross domestic product in a given year. In 2023, the insurance penetration in United States equaled **** percent of its GDP. Thus, the value of insurance premiums written in United States in that year equaled more than one **th of its GDP. Auto insurance leads the U.S. P&C marketIn 2023, private passenger auto insurance held the largest share of net premiums written by property and casualty insurance companies in the United States. Additionally, commercial auto insurance also accounted for a significant portion of net premiums. Combined, these two insurance lines made up about ** percent of the property and casualty insurance market.United States' life insurance market Households often rely on life insurance to ensure financial stability for dependents and to cover obligations like debts, mortgages, and education costs. The number of life insurance companies in the United States has remained steady over the past five years. The United States' population has been gradually climbing during this time, which means that the number of potential insurance customers has also been increasing.

The average for 2020 based on 12 countries was 1.47 percent. The highest value was in Trinidad and Tobago: 3 percent and the lowest value was in Costa Rica: 0.19 percent. The indicator is available from 1990 to 2020. Below is a chart for all countries where data are available.

In 2022, non-life insurance had the larger market share of the insurance industry in Latin America. The market share of non-life insurance was **** percent that year, while the remaining **** percent market share was held by life insurance. Among Latin American countries that year, Brazil had the highest premium volume in the non-life insurance industry in the region.

The global Life & Non-Life Insurance Market size is projected to rise from USD 8.66 trillion in 2024 to USD 13.71 trillion by 2034, representing a CAGR above 4.7% for the 2025–2034 forecast period. Dominant industry players include AIA Group Allianz AXA Group China Life Insurance Company Chubb Limited Cigna MetLife, Inc. New York Life Insurance Company Northwestern Mutual Ping An Insurance Group Progressive Prudential Financial State Farm Swiss Re UnitedHealth Group Zurich Insurance.

Graph and download economic data for Non-Life Insurance Premium Volume to GDP for United States (DDDI10USA156NWDB) from 1996 to 2020 about premium, life, insurance, GDP, and USA.

Survivorship Life Insurance Market Outlook

According to our latest research, the global Survivorship Life Insurance market size reached USD 21.8 billion in 2024, driven by rising demand for estate planning and wealth transfer solutions among high-net-worth individuals and families. The market is projected to expand at a CAGR of 7.1% from 2025 to 2033, culminating in a forecasted market value of USD 40.7 billion by 2033. This robust growth is underpinned by increasing awareness about the advantages of survivorship life insurance for tax-efficient wealth transfer, as well as the growing complexity of global estate planning needs.

One of the primary growth factors for the survivorship life insurance market is the increasing need for effective estate planning solutions among affluent individuals and families. As global wealth continues to rise, particularly in emerging markets, there is a growing emphasis on securing financial legacies and minimizing estate taxes. Survivorship life insurance, also known as second-to-die insurance, pays out benefits after the death of the second insured, making it an attractive tool for families seeking to transfer wealth to future generations while optimizing tax efficiency. This has led to a surge in demand for such policies, especially among high-net-worth individuals who are looking for sophisticated financial planning instruments.

Another significant driver is the evolving regulatory landscape and tax policies in major economies. Governments across North America, Europe, and Asia Pacific are introducing new inheritance and estate tax laws, prompting individuals and businesses to seek advanced solutions for protecting assets and ensuring smooth intergenerational wealth transfer. Survivorship life insurance policies offer a strategic advantage in this context, as they help mitigate large tax liabilities that may arise upon the passing of both insured parties. Additionally, the flexibility of these policies, which can be tailored to specific needs such as charitable giving or business succession planning, further boosts their appeal and adoption rates.

Technological advancements and digitalization within the insurance sector are also contributing to the growth of the survivorship life insurance market. The integration of digital platforms has streamlined policy comparison, purchasing, and management processes, making these products more accessible to a broader audience. Insurtech innovations have enabled insurers and brokers to offer enhanced customer experiences, personalized policy recommendations, and improved transparency. This digital transformation is not only expanding the reach of survivorship life insurance products but is also fostering greater trust and engagement among potential policyholders, thereby accelerating market expansion.

In recent years, the concept of Hybrid Life and Long-Term Care Insurance has gained traction as a versatile solution for individuals seeking comprehensive coverage. This type of insurance combines the benefits of life insurance with long-term care coverage, providing policyholders with a dual advantage. As the population ages and healthcare costs rise, the demand for such hybrid products is increasing. They offer financial protection not only in the event of death but also in scenarios requiring extended medical care, thus addressing two critical concerns with a single policy. The flexibility and dual-purpose nature of Hybrid Life and Long-Term Care Insurance make it an appealing choice for those looking to secure their financial future while ensuring access to necessary healthcare services.

Regionally, North America continues to dominate the survivorship life insurance market, accounting for the largest share due to the high concentration of wealth, sophisticated financial planning practices, and a mature insurance industry. However, Asia Pacific is emerging as a high-growth region, driven by rapidly increasing affluence, expanding middle-class populations, and rising awareness of estate planning benefits. Europe follows closely, with growing adoption among family-owned businesses and wealthy individuals seeking to navigate complex inheritance laws. Latin America and the Middle East & Africa, while currently representing smaller market shares, are expected to witness steady growth as financial literacy and insurance penetration

The average for 2020 based on 13 countries was 2.33 percent. The highest value was in Barbados: 5.05 percent and the lowest value was in Dominican Republic: 0.87 percent. The indicator is available from 1990 to 2020. Below is a chart for all countries where data are available.

The average for 2020 based on 10 countries was 0.84 percent. The highest value was in Chile: 1.94 percent and the lowest value was in Paraguay: 0.17 percent. The indicator is available from 1990 to 2020. Below is a chart for all countries where data are available.

No-Exam Life Insurance Market Outlook

According to our latest research, the global No-Exam Life Insurance market size reached $27.1 billion in 2024, reflecting robust growth momentum fueled by digital transformation and consumer demand for hassle-free insurance solutions. The market is projected to expand at a CAGR of 8.4% from 2025 to 2033, with the total market value anticipated to reach $55.6 billion by 2033. This accelerated growth is primarily driven by the increasing adoption of digital underwriting technologies, evolving consumer preferences for convenience, and the growing need for instant financial protection solutions worldwide.

One of the primary growth factors for the No-Exam Life Insurance market is the rapid digitalization of the insurance industry. Modern consumers increasingly seek quick, seamless, and paperless processes, which has led insurers to adopt automated underwriting and digital platforms. These innovations allow for faster policy issuance, eliminating the need for traditional medical exams and lengthy paperwork. The integration of artificial intelligence and big data analytics further enhances risk assessment accuracy, improving customer experience and operational efficiency. As a result, more individuals, especially millennials and Gen Z, are attracted to no-exam policies, significantly expanding the addressable market.

Another significant driver is the heightened awareness and prioritization of financial security, particularly in the wake of global health crises such as the COVID-19 pandemic. Consumers are increasingly valuing the ability to obtain life insurance coverage without the potential exposure or inconvenience of in-person medical examinations. This shift in consumer behavior has compelled insurers to diversify their product portfolios with flexible, accessible, and user-friendly no-exam life insurance options. The market is also witnessing robust growth as insurers leverage digital marketing and online distribution channels to reach a broader audience, including previously underserved populations and those with pre-existing health conditions.

Additionally, regulatory support and industry initiatives aimed at financial inclusion have played a pivotal role in boosting the No-Exam Life Insurance market. Governments and regulatory bodies across various regions are encouraging the adoption of digital insurance solutions to increase insurance penetration rates. This has led to a more favorable environment for innovation and the introduction of new, simplified insurance products. Furthermore, partnerships between insurers, fintech firms, and digital health platforms are fostering the development of advanced underwriting models, further reducing the barriers to entry for both insurers and consumers. These collaborative efforts are expected to sustain the market’s upward trajectory throughout the forecast period.

From a regional perspective, North America continues to dominate the No-Exam Life Insurance market, accounting for the largest share due to its mature insurance ecosystem, high digital literacy, and strong consumer demand for convenience. However, Asia Pacific is emerging as a high-growth region, driven by rising middle-class populations, increasing internet penetration, and expanding awareness of life insurance products. Europe and Latin America are also witnessing steady growth, supported by regulatory reforms and growing adoption of digital insurance solutions. The Middle East & Africa region, while still nascent, is poised for future expansion as insurers invest in digital infrastructure and financial inclusion initiatives.

Policy Type Analysis

The No-Exam Life Insurance market is segmented by policy type into Term Life Insurance, Whole Life Insurance, Universal Life Insurance, and Others. Term Life Insurance is the most prominent segment, owing to its affordability, simplicity, and straightforward value proposition. Consumers are particularly attracted to term policies as they offer substantial coverage amounts

The Global Life and Non-Life Insurance Market Report is Segmented by Insurance Type (Life Insurance, Non-Life Insurance), Customer Segment (Retail, Corporate), Distribution Channel (Brokers, Agents, Banks, Direct Sales, Other Channels), and Geography (North America, South America, Europe, Middle East and Africa, Asia-Pacific). The Market Forecasts are Provided in Terms of Value (USD).

This statistic presents the ownership of only individual life insurance in the United States in 2016, by gender. In that year, ** percent of the female Americans owned only individual life insurance in the United States.