How many Americans have life insurance? About 51% of U.S. adults own at least one life insurance policy, which leaves roughly half with none, and about 40% (around 100 million adults) say they need more coverage than they have. Below are the latest verified life insurance statistics on ownership, coverage gaps, single parents, seniors, funeral costs, widowhood and sales, each with its source.
Last updated October 6, 2026. I review and update this page every quarter.
Life insurance statistics at a glance
- 51% of U.S. adults own at least one life insurance policy (2025).
- 40% of adults, about 100 million people, say they need more life insurance (2025).
- 47% of households would feel a financial impact in less than 6 months if the main earner died (2025).
- 41% of single mothers own life insurance (2023).
- 61.2 million Americans are age 65 or older, up 13.0% since 2020 (2024).
- $8,300 is the median cost of a funeral with viewing and burial (2023).
- $17.5 billion in new individual life insurance premium was sold in 2025, a record, up 10% in a year.
- $4.5 billion of that was indexed universal life (IUL), also a record, up 17%.
How many Americans have life insurance?
About 51% of U.S. adults own at least one life insurance policy. In the 2025 Insurance Barometer Study (5,283 adults surveyed in January 2025), 51% reported owning a policy. Of those owners, 55% have individual coverage only, 26% have workplace coverage only, and 19% have both.
| Where coverage comes from (among owners) | Share |
|---|---|
| Individual policy only | 55% |
| Workplace (group) coverage only | 26% |
| Both | 19% |
Coverage that depends on a job can end when the job does. If that is your only plan, see why employer life insurance may not be enough.
How many Americans say they need more life insurance?
About 40% of U.S. adults, roughly 100 million people, say they need more life insurance. That is a mix of people with no coverage and people who own a policy but feel it is not enough. The 2025 study found that 19% of policy owners say they do not have enough coverage. The same study series reported 42% in 2024, a record at the time.
Not sure what your number is? Use the free how much life insurance do I need calculator.
Do more men or women own life insurance?
Men are more likely to own life insurance than women. In the 2024 Insurance Barometer Study, 57% of men owned coverage compared with 46% of women, an 11-point gap that was the largest in the 14-year history of the study. That matters because a surviving spouse, often the mother of young children, is the person most likely to need the money.
| 2024 life insurance ownership | Share |
|---|---|
| Men | 57% |
| Women | 46% |
Covering the lower-earning or stay-at-home spouse is just as important. See how much coverage a spouse needs.
How many single parents have life insurance?
Only about 41% of single mothers own life insurance, according to the 2023 Insurance Barometer Study by LIMRA and Life Happens, and 38% said they planned to buy coverage that year. The Census Bureau counts 10.9 million one-parent family groups with children under 18, and 80% of them are maintained by mothers (2022 Current Population Survey). When one adult is the only income, there is no second paycheck to fall back on.
| Single parents | Figure |
|---|---|
| One-parent family groups with children under 18 | 10.9 million (2022) |
| Maintained by mothers / by fathers | 80% / 20% |
| Single mothers who own life insurance | 41% (2023) |
| Single mothers who planned to buy coverage in 2023 | 38% |
Raising kids on your own? Read my practical guide to life insurance for single parents.
How fast does a family feel the loss of a main earner?
Almost half of households, 47%, say they would feel a financial impact in less than six months if the primary wage earner died. Only 26% say they would stay financially secure for two years or longer. Those figures come from the 2025 Insurance Barometer Study.
| If the main earner died… | Share of households |
|---|---|
| Would feel a financial impact in under 6 months | 47% |
| Would stay secure for 2 years or more | 26% |
Families with a home loan are especially exposed. Learn how mortgage protection insurance keeps the payment covered.
How many Americans are age 65 and older?
There are 61.2 million Americans age 65 and older, according to Census Bureau estimates for July 1, 2024. That is 3.1% more than a year earlier and 13.0% more than in 2020. Older adults now outnumber children in 11 states and in 1,411 counties, about 45% of all U.S. counties.
| Americans 65 and older (Census Bureau, July 1, 2024) | Figure |
|---|---|
| Population age 65+ | 61.2 million |
| Growth in one year (2023 to 2024) | +3.1% |
| Growth since 2020 | +13.0% |
| States where older adults outnumber children | 11 |
| Counties where older adults outnumber children | 1,411 (about 45%) |
Coverage is still available later in life. See life insurance for seniors, how cost changes by age, and options with no medical exam.
How much does a funeral cost?
The median cost of a funeral with viewing and burial is $8,300, and a funeral with cremation is $6,280, according to the National Funeral Directors Association’s 2023 survey. Both are up from $7,848 and $5,810 two years earlier, increases of 5.8% and 8.1%.
| NFDA median funeral cost | 2021 | 2023 | Change |
|---|---|---|---|
| Funeral with viewing and burial | $7,848 | $8,300 | +5.8% |
| Funeral with viewing and cremation | $5,810 | $6,280 | +8.1% |
Those figures do not include cemetery or other third-party costs, so real totals are often higher. If you are planning for a parent, read how to buy life insurance on your mom or dad.
How many people lose a spouse each year, and what happens to their income?
More than 1.2 million adults age 60 and older lost a spouse in 2019, up 5% from 2017, according to the Consumer Financial Protection Bureau. Newly widowed older adults saw an average income drop of 11% even after accounting for household size, and 16% of new surviving spouses lived below the federal poverty line, compared with 10% of all adults 60 and older.
| Newly widowed adults 60+ (CFPB) | Figure |
|---|---|
| Adults who lost a spouse in 2019 | 1.2 million+ |
| Average income drop after accounting for household size | 11% |
| Surviving spouses below the poverty line | 16% (vs 10% of all adults 60+) |
I am a widower, so these numbers are personal to me. You can read my story in life insurance with living benefits, explained by a widower.
How much life insurance is sold in the U.S. each year?
U.S. individual life insurance new annualized premium hit a record $17.5 billion in 2025, up 10% from 2024, and the number of policies sold rose 7%, according to LIMRA’s March 2026 release.
| 2025 U.S. individual life sales (LIMRA) | New annualized premium | Change vs 2024 |
|---|---|---|
| All individual life insurance | $17.5 billion | +10% |
| Whole life | $6.4 billion (37% of market) | +7% |
| Indexed universal life (IUL) | $4.5 billion (25% of market) | +17% |
| Term life | $3.1 billion | +3% |
Is indexed universal life (IUL) growing?
Yes. IUL new premium reached a record $4.5 billion in 2025, 17% higher than 2024, and IUL policy sales were up 8%. IUL now represents about 25% of the U.S. life insurance market. Whole life also set a sales record at $6.4 billion, with policy count up 12%. New to IUL? Start with what is an IUL, in plain English.
What these statistics mean for your family
Roughly half of adults have no policy, and many who do know it is not enough. Most families would feel the loss of an income within months, and the costs that come first, like a funeral, a mortgage and everyday bills, do not wait. Coverage you set up now is the simplest way to protect the people who depend on you.
I’ll compare options side by side for your age, health and budget. Book a free 15-minute call or call or text Cory at 561-542-8610. Serving Boca Raton, South Florida and families nationwide.
Sources
- Life Happens and LIMRA, 2025 Insurance Barometer Study (survey of 5,283 adults, January 2025).
- InvestmentNews, The life insurance need gap has hit a record high, reporting on the 2024 Insurance Barometer Study.
- LIMRA and Life Happens, Single mothers and life insurance (2023 Insurance Barometer Study).
- U.S. Census Bureau, America’s families and living arrangements (2022 Current Population Survey).
- U.S. Census Bureau, Older adults outnumber children in 11 states and half of U.S. counties (June 26, 2025).
- National Funeral Directors Association, 2023 median funeral cost news release.
- Consumer Financial Protection Bureau, Data spotlight: financial challenges faced by recently widowed older adults.
- LIMRA, Double-digit growth drives individual life insurance new premium to set new sales record in 2025 (March 3, 2026).
Educational only, not tax, legal or investment advice. Statistics are reported by the sources above and may be revised. Availability and pricing of coverage depend on age, health, state and the issuing insurer.
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