Interesting life insurance facts you can share with your friends and family

Some of the facts and statistics from a recent LIMRA report, “The Facts of Life and Annuities, ”¹ are real eye-openers and help tell the story of how important life insurance is.

Facts shared in the report:

Life insurance

• Most individual life insurance policies in force are permanent rather than a term policy,
• Permanent life insurance benefits Americans of all income levels, not just the affluent (those with a household income of $100,000 or more).
• Ninety-five percent of life insurance beneficiaries are satisfied with the overall service provided by the insuring company.

The life insurance industry

• Life insurers infused $63 billion into the U.S. economy in 2012 through death benefits paid to beneficiaries.
• Life insurers infused $72 billion of annuity benefits into the U.S. economy in 2012.
• The life insurance industry generates approximately 2.5 million jobs in the U.S., including direct employees, those who sell life insurance products, and non-insurance jobs supported by the industry.
• One of every five dollars of Americans’ long-term savings is in life insurance and annuities.
• Life insurers provide a significant source of funding to consumers and businesses. As of the end of 2012, life insurers held $322 billion in commercial and residential property loans.
• Life insurers have $4.5 trillion invested in the U.S. economy, making them one of the most significant sources of capital in the nation.