How to Find Your ‘Life Insurance’ in 2018
Posted On July 18, 2021
The number of people in the United States who have life insurance coverage rose by 6% in the first quarter of 2018 to nearly 5.2 million, according to a new report by the American Association of Life Insurers.
Life insurance coverage has grown from about 15 million in 2015 to more than 22 million in 2018, according the report released Monday.
The American Association for Life Insures (AALI) said it is still early in the year and the rate of increase is driven largely by an increase in the number of individuals who have coverage.
“While our preliminary estimates are that we have over 4.6 million Americans in this market, our latest estimates are 4.2m, and this represents a 35% increase in coverage since the end of 2017,” said AALI President and CEO Michael McKean in a statement.
“That is not just a good thing, it is a good sign.”
Life insurance coverage, or life insurance, is the term for a policy that pays out at least some of the cost of a family member’s death, as long as you live in the state in which you die.
According to AALi, nearly 3 million people were in coverage in 2018 and the average premium for one family member was $2,846.
The average premium increase for people who died in 2018 was 7%, according to AASA.
That was slightly higher than the average increase for the group of people who were not covered in 2018.
However, life insurance is more expensive than most retirement plans, with the average annual premium of a retirement plan at about $1,100.
In 2018, people who did not have life coverage had an average cost of $7,099, the report said.
The average cost for people with life insurance was $5,633.
The cost of coverage for people in 2018 for the individual market ranged from $2 to $17,534, and the cost for family coverage ranged from about $11,800 to $64,000.
“There are so many reasons why people are choosing to purchase life insurance,” said McKeaan.
“People are looking for ways to help their loved ones and they’re looking for some security that they can depend on, that they have some protection against a future loss of their health or the loss of an important asset.”
McKean said it’s not uncommon for people to get life insurance through their job or through a savings account.
In many cases, these policies pay for their own funerals, which could be expensive.
McKeaen said the numbers could be even higher if the number in the individual insurance market is still growing and there are still more people in this area.
Life insurance has been around for decades, but the rate at which it has grown is “really unprecedented,” he said.
“What it means is that this industry is very, very popular.
And it’s really driven by a very, strong economy, a strong population and the idea that if we can help these people, we can give them something for their needs,” he added. More: