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  • Writer's picturejimmy ting

2021 Statistics to help you understand Life Insurance

Stats to help you understand life insurance — who has it and how much it costs.

Getting a life insurance policy is an important decision that you want to put a lot of thought into — it protects your family's financial security if you die unexpectedly. Because you're relying on your policy to protect your loved ones, you want to make sure you understand the nitty-gritty of your coverage.

To make it easier, we've researched this for you. From how much life insurance costs to the biggest reasons to get it — we've got you covered.

Life insurance by the numbers

54% • Percent of American adults who have life insurance

27% • Of American adults with life insurance, the percent who only have group coverage — which usually isn’t enough (and is rarely portable)

10x to 15x • The multiples of your annual income that most financial advisors recommend you need when buying life insurance for income replacement

29% • Percent of American adults who intend to buy their life insurance online

40% • Percent of insured who wish they had purchased their policies at a younger age

Stats about the cost of life insurance

5x-15x • How much more permanent life insurance (like whole life insurance) costs vs. term life insurance

4.5-9% • Average percent increase in your insurance costs as you age, assuming your health stays the same

30% • The average cost difference between sequential health ratings (preferred vs standard, for example)

2x to 3x • How much rates for smokers cost vs. rates for nonsmokers (but a year after you quit smoking, most companies will offer you nonsmoker rates

35% • The average difference between the least expensive and most expensive rate for the same person across insurance companies

30% • Percent difference between premiums for men and women (with women paying nearly ⅓ less than men, on average)

For more information about Life Insurance call JCT Insurance Agency at (626)354-2000 or email

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