For the first time in history, more Americans are covered by employment-based life insurance than by individual life insurance.
For the First Time in History, More Americans Are Covered by Employment-Based Life Insurance than by Individual Life Insurance, LIMRA Reports
WINDSOR, Conn., August 30, 2017 – A new LIMRA study finds that 108 million Americans have life insurance coverage through their workplace, compared with 102 million covered by individual life insurance.
Black American households are more likely than the general population to own individual life insurance. However, their coverage levels tend to be lower.
Ownership volume is growing. The number of American households owning individual life insurance grew by 3 million since 2010.
LIMRA Research Confirms LGBT Households Share Similar Financial Priorities and Concerns as All U.S. Households
In new analysis of data from the 2016 Life Insurance Ownership study, LIMRA finds that LGBT market aligns with the total market in regards to financial concerns and planning especially around life insurance ownership.
Six in 10 Black American households (approximately 9.9 million) indicate they are fairly or very likely to buy life insurance for themselves or another member of their household in the next 12 months, compared to just 45 percent of the general population.
Black households are more likely to own life insurance. However, on average, these households own lower coverage amounts.