Cost & Coverage
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Stats to help you understand life insurance — who has it and how much it costs.
Percent of American adults who have life insurance‡
Of American adults with life insurance, the percent who only have group coverage — which usually isn’t enough (and is rarely portable)‡
The most common reason for purchasing life insurance (44%), followed by burial expenses and wealth transfer (35% each)‡
The multiples of your annual income that most financial advisors recommend you need when buying life insurance for income replacement†
Percent of life insurance policies are purchased via independent agents (like Policygenius advisors, who are not beholden to any one insurance company)
Percent of life insurance policies purchased via affiliated agents (meaning they only sell products for one insurance company)‡
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How much more permanent life insurance (like whole life insurance) costs vs. term life insurance†
Average percent increase in your insurance costs as you age, assuming your health stays the same†
The average cost difference between sequential health ratings (preferred vs standard, for example)†
How much rates for smokers cost vs. rates for nonsmokers (but a year after you quit smoking, most companies will offer you nonsmoker rates)†
The average difference between the least expensive and most expensive rate for the same person across insurance companies†
Percent difference between premiums for men and women(with women paying nearly ⅓ less than men, on average)†
Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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