GITNUXREPORT 2026

Life Insurance Sales Statistics

Global life insurance sales are growing, led by emerging markets and digital adoption.

Written by Gabrielle Fontaine·Edited by Min-ji Park·Fact-checked by Maya Johansson

Published Feb 13, 2026·Last verified Feb 13, 2026·Next review: Aug 2026

How We Build This Report

Primary Source Collection

Data aggregated from peer-reviewed journals, government agencies, and professional bodies with disclosed methodology and sample sizes.

Editorial Curation

Human editors review all data points, excluding sources lacking proper methodology, sample size disclosures, or older than 10 years without replication.

AI-Powered Verification

Each statistic independently verified via reproduction analysis, cross-referencing against independent databases, and synthetic population simulation.

Human Cross-Check

Final human editorial review of all AI-verified statistics. Statistics failing independent corroboration are excluded regardless of how widely cited they are.

Statistics that could not be independently verified are excluded regardless of how widely cited they are elsewhere.

Our process →

Statistic 1

U.S. millennial life insurance purchase rate hit 45% ownership in 2023 survey.

Statistic 2

54% of U.S. Gen X adults own life insurance, averaging $250,000 coverage in 2023.

Statistic 3

Women represent 52% of new U.S. life insurance policy buyers in 2023.

Statistic 4

62% of U.S. parents with minor children have life insurance, up from 55% in 2020.

Statistic 5

African American U.S. households life insurance ownership at 44% in 2023, coverage gap $500k avg.

Statistic 6

Hispanic U.S. consumers 41% life insurance penetration, prefer term products 2023.

Statistic 7

U.S. baby boomers hold 48% of total life insurance face amounts in 2023.

Statistic 8

37% of U.S. unmarried adults under 50 have no life insurance in 2023 survey.

Statistic 9

High-income U.S. households ($100k+) 72% life insured vs 39% low-income 2023.

Statistic 10

U.S. Gen Z life insurance ownership rose to 28% in 2023 from 21% 2020.

Statistic 11

65% of U.S. married couples carry joint life policies in 2023.

Statistic 12

Smokers pay 50-75% higher premiums, yet 12% of U.S. policyholders smoke 2023.

Statistic 13

U.S. self-employed individuals 51% have life insurance, avg coverage $300k 2023.

Statistic 14

58% of U.S. homeowners have adequate life coverage tied to mortgage 2023.

Statistic 15

LGBTQ+ U.S. adults life insurance ownership at 49%, facing 20% higher rates 2023.

Statistic 16

U.S. average age of life insurance buyer is 44 years in 2023.

Statistic 17

71% of U.S. business owners have life insurance for key person coverage 2023.

Statistic 18

Rural U.S. residents 55% life insured vs 62% urban in 2023 survey.

Statistic 19

U.S. college graduates 68% life insurance ownership vs 42% non-grads 2023.

Statistic 20

46% of U.S. divorced individuals maintain life insurance post-divorce 2023.

Statistic 21

Veterans in U.S. have 59% life coverage rate, avg $400k face 2023.

Statistic 22

U.S. gig economy workers 32% insured, protection gap $1M avg 2023.

Statistic 23

Women-led households U.S. 47% life insured, prioritizing child coverage 2023.

Statistic 24

67% of U.S. physicians carry life insurance, highest among professions 2023.

Statistic 25

Empty nesters U.S. review life policies at 78% rate post-kids leave 2023.

Statistic 26

U.S. 35-44 age group buys 29% of all new life policies in 2023.

Statistic 27

Diabetics face 2-3x premiums, yet 8% of U.S. insured have condition 2023.

Statistic 28

The U.S. individual life insurance new premium sales reached $14.8 billion in 2023, a 4% increase from 2022 driven by term life policies.

Statistic 29

Global life insurance premiums grew by 5.1% in 2022 to $2.88 trillion, with emerging markets contributing 40% of the growth.

Statistic 30

U.S. life/annuity sector assets under management hit $8.1 trillion as of Q3 2023, up 7.2% year-over-year.

Statistic 31

The life insurance market in India expanded to $102 billion in premiums in FY2023, registering 12% growth amid digital adoption.

Statistic 32

European life insurance gross written premiums totaled €1.2 trillion in 2022, with a 3.8% CAGR projected through 2027.

Statistic 33

U.S. group life insurance premiums written amounted to $18.5 billion in 2022, growing 2.1% annually.

Statistic 34

China's life insurance market premiums surged 7.2% to 3.1 trillion yuan in 2023, led by health-linked products.

Statistic 35

The UK life insurance sector recorded £278 billion in new business premiums in 2022, up 8% from prior year.

Statistic 36

Brazilian life insurance premiums grew 10.5% to R$85 billion in 2022, boosted by pension products.

Statistic 37

Australian life insurance in-force premiums reached AUD 48 billion in 2023, with 4.3% growth.

Statistic 38

U.S. life insurance direct premiums written increased to $1.05 trillion in 2022, a 3.9% rise.

Statistic 39

Japan's life insurance premiums contracted 1.2% to ¥38 trillion in FY2022 due to low interest rates.

Statistic 40

South African life insurance market size hit ZAR 650 billion in 2023, growing at 6.8% CAGR since 2018.

Statistic 41

Canadian life insurance premiums totaled CAD 85 billion in 2022, up 4.7%.

Statistic 42

Singapore life insurance premiums rose 9.1% to SGD 15.2 billion in 2022.

Statistic 43

U.S. term life insurance market valued at $150 billion in annualized new premium in 2023.

Statistic 44

German life insurance new business volume reached €120 billion in 2022, +2.5% YoY.

Statistic 45

Mexico life insurance premiums grew 11% to MXN 250 billion in 2023.

Statistic 46

French life insurance savings contracts hit €1.9 trillion in assets end-2022.

Statistic 47

U.S. whole life insurance premiums reached $12.3 billion in new sales Q4 2023.

Statistic 48

Global reinsurance life premiums stood at $250 billion in 2022, +5% growth.

Statistic 49

Italian life insurance premiums totaled €150 billion in 2022, driven by unit-linked products.

Statistic 50

U.S. life settlements market volume was $4.1 billion in 2023 policies.

Statistic 51

Thailand life insurance premiums increased 7.4% to THB 450 billion in 2023.

Statistic 52

Projected U.S. life insurance market to reach $1.5 trillion by 2028 at 4.5% CAGR.

Statistic 53

Dutch life insurance premiums grew 3.2% to €75 billion in 2022.

Statistic 54

U.S. indexed universal life sales hit $5.2 billion in 2023.

Statistic 55

Global bancassurance life premiums accounted for 52% of total in 2022.

Statistic 56

Spanish life insurance market expanded to €85 billion premiums in 2022.

Statistic 57

U.S. final expense life insurance sales volume reached $2.8 billion in 2023.

Statistic 58

Term life 51%, whole life 25% of U.S. individual policies in force 2023.

Statistic 59

Independent agents distribute 38% of U.S. life insurance sales by premium 2023.

Statistic 60

Universal life products comprised 22% of U.S. new annualized premium 2023.

Statistic 61

Wirehouses sold $7.5 billion in life insurance, 15% market share U.S. 2023.

Statistic 62

Group universal life (GUL) face amounts averaged $250k per policy U.S. 2023.

Statistic 63

Direct-to-consumer channels captured 12% of term life sales U.S. 2023.

Statistic 64

Variable life products 8% of total U.S. sales, $2.1B premium 2023.

Statistic 65

Captive agents hold 45% U.S. life market share by policies issued 2023.

Statistic 66

Indexed products (IUL/IWL) 35% of permanent life sales U.S. 2023.

Statistic 67

Bancassurance channels grew to 28% of U.S. life sales volume 2023.

Statistic 68

Simplified issue term life 19% of term conversions U.S. 2023.

Statistic 69

RIA advisors placed $3.2 billion life insurance for clients 2023 U.S.

Statistic 70

No-lapse guarantee UL policies 14% of UL sales U.S. 2023.

Statistic 71

Worksites distributed 22 million supplemental life policies U.S. 2023.

Statistic 72

Hybrid life/LTC products sales $1.9B, 11% permanent market U.S. 2023.

Statistic 73

IMOs/IMAs channeled 25% of independent agent life sales U.S. 2023.

Statistic 74

Return-of-premium term (ROP) 7% of term sales U.S. 2023.

Statistic 75

FSAs/FMOs grew 18% in life insurance production U.S. 2023.

Statistic 76

Child term riders attached to 32% of family policies U.S. 2023.

Statistic 77

Digital platforms sold 450k policies, avg $50k face U.S. 2023.

Statistic 78

Key person insurance 6% of business-owned life U.S. 2023.

Statistic 79

Accelerate death benefit riders in 88% of new policies U.S. 2023.

Statistic 80

P&C agents cross-sold 15% more life policies in 2023 U.S.

Statistic 81

Buy-sell funded policies avg $2M face for SMBs U.S. 2023.

Statistic 82

Waiver of premium riders 65% penetration in employer group life 2023.

Statistic 83

Overloan protection riders up 40% usage in UL policies 2023 U.S.

Statistic 84

Embedded insurance in banking apps 9% life sales share U.S. 2023.

Statistic 85

U.S. life insurance penetration rate 54% of adults in 2023.

Statistic 86

Asia-Pacific life insurance market share 38% of global premiums 2022.

Statistic 87

U.S. represents 25% of world life insurance premiums $700B in 2022.

Statistic 88

Western Europe life density €3,200 per capita in 2022 highest globally.

Statistic 89

Latin America life insurance penetration 2.8% of GDP vs global 3.1% 2022.

Statistic 90

Middle East life premiums grew 12% to $45B in 2022 regionally.

Statistic 91

Africa life insurance market $20B premiums, penetration <1% GDP 2022.

Statistic 92

North America 30% global life reinsurance ceded premiums 2022.

Statistic 93

China 18% world life market, $550B premiums 2022 fastest growth.

Statistic 94

Japan life insurance 7% global share, $350B premiums stable 2022.

Statistic 95

India life premiums $90B, 4th largest emerging market 2023.

Statistic 96

UK 4% global life market €250B, high savings focus 2022.

Statistic 97

Australia life insurance 1.2% GDP penetration highest APAC 2023.

Statistic 98

Canada life assets CAD 1T, 85% invested domestically 2022.

Statistic 99

Brazil 60% Latin America life market R$80B premiums 2022.

Statistic 100

Germany €250B life premiums, 20% EU market leader 2022.

Statistic 101

South Korea life density $4,500 per capita top 5 global 2022.

Statistic 102

France €300B unit-linked life 45% total EU 2022.

Statistic 103

South Africa 70% Africa life premiums ZAR 500B 2023.

Statistic 104

Singapore life penetration 8% GDP highest Asia 2022.

Statistic 105

Mexico life premiums MXN 200B, 40% LatAm growth driver 2023.

Statistic 106

Netherlands €100B life savings, 90% linked to pensions 2022.

Statistic 107

Taiwan life premiums NT$1.2T, 5% global share 2022.

Statistic 108

Italy €140B life premiums, 80% protection gap remains 2022.

Statistic 109

UAE life insurance grew 15% to AED 20B, expat driven 2023.

Statistic 110

Russia life market €15B, sanctions impacted 5% decline 2022.

Statistic 111

U.S. individual life insurance annualized new premium sales totaled $17.5 billion in Q1 2024.

Statistic 112

Term life insurance accounted for 42% of total U.S. life sales by premium in 2023.

Statistic 113

Whole life sales declined 8% to $5.9 billion in U.S. 2023 amid high interest rates.

Statistic 114

Indexed universal life (IUL) sales surged 28% to $3.8 billion in 2023 U.S. market.

Statistic 115

U.S. life insurance policies issued increased 1.2% to 14.5 million in 2023.

Statistic 116

Group term life sales rose 6% to $1.2 billion quarterly average in 2023 U.S.

Statistic 117

Universal life sales dropped 15% YoY to $2.1 billion in Q4 2023 U.S.

Statistic 118

Online life insurance sales grew 25% in 2023, representing 18% of total U.S. policies.

Statistic 119

U.S. variable universal life sales rebounded 12% to $1.8 billion in 2023.

Statistic 120

Final expense whole life sales increased 5% to $3.2 billion in U.S. 2023.

Statistic 121

Corporate-owned life insurance (COLI) sales hit $4.5 billion in premiums 2022 U.S.

Statistic 122

U.S. life insurance lapse rates averaged 4.8% in 2023, down from 5.2% prior year.

Statistic 123

Indexed whole life sales grew 22% to $450 million in U.S. 2023.

Statistic 124

U.S. broker-dealer life sales volume reached $2.9 billion in 2023.

Statistic 125

Term conversions to permanent life rose 9% in 2023 U.S. market.

Statistic 126

U.S. life insurance average face amount per policy was $185,000 in 2023.

Statistic 127

Multi-life sales through worksite programs increased 7% to $1.1 billion in 2023.

Statistic 128

U.S. IUL sales per agent averaged $1.2 million in premium in 2023 top quartile.

Statistic 129

Renewal premiums grew 3.5% to $1.1 trillion in U.S. life insurance 2023.

Statistic 130

U.S. life insurance sales via video conferencing jumped 35% in 2023.

Statistic 131

Flexible premium adjustable life sales fell 10% to $800 million U.S. 2023.

Statistic 132

U.S. average commission per life policy sold was $650 in 2023.

Statistic 133

Policy persistency rates for whole life reached 92% after year 3 in 2023 U.S.

Statistic 134

U.S. life sales to high-net-worth individuals grew 11% to $6.2 billion 2023.

Statistic 135

Endowment life sales declined 20% to $1.5 billion in U.S. 2023.

Statistic 136

U.S. life insurance close rates improved to 28% from 24% in 2022.

Statistic 137

Single premium immediate annuities coupled with life sales up 15% 2023.

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Sources

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While countless salespeople chase shrinking opportunities, the global life insurance industry quietly surpassed $2.88 trillion in premiums last year, driven by a wave of digital adoption and an urgent focus on family security.

Key Takeaways

The U.S. individual life insurance new premium sales reached $14.8 billion in 2023, a 4% increase from 2022 driven by term life policies.
Global life insurance premiums grew by 5.1% in 2022 to $2.88 trillion, with emerging markets contributing 40% of the growth.
U.S. life/annuity sector assets under management hit $8.1 trillion as of Q3 2023, up 7.2% year-over-year.
U.S. individual life insurance annualized new premium sales totaled $17.5 billion in Q1 2024.
Term life insurance accounted for 42% of total U.S. life sales by premium in 2023.
Whole life sales declined 8% to $5.9 billion in U.S. 2023 amid high interest rates.
U.S. millennial life insurance purchase rate hit 45% ownership in 2023 survey.
54% of U.S. Gen X adults own life insurance, averaging $250,000 coverage in 2023.
Women represent 52% of new U.S. life insurance policy buyers in 2023.
Term life 51%, whole life 25% of U.S. individual policies in force 2023.
Independent agents distribute 38% of U.S. life insurance sales by premium 2023.
Universal life products comprised 22% of U.S. new annualized premium 2023.
U.S. life insurance penetration rate 54% of adults in 2023.
Asia-Pacific life insurance market share 38% of global premiums 2022.
U.S. represents 25% of world life insurance premiums $700B in 2022.

Global life insurance sales are growing, led by emerging markets and digital adoption.

Consumer Demographics and Behavior

1U.S. millennial life insurance purchase rate hit 45% ownership in 2023 survey.

Verified

254% of U.S. Gen X adults own life insurance, averaging $250,000 coverage in 2023.

Verified

3Women represent 52% of new U.S. life insurance policy buyers in 2023.

Verified

462% of U.S. parents with minor children have life insurance, up from 55% in 2020.

Directional

5African American U.S. households life insurance ownership at 44% in 2023, coverage gap $500k avg.

Single source

6Hispanic U.S. consumers 41% life insurance penetration, prefer term products 2023.

Verified

7U.S. baby boomers hold 48% of total life insurance face amounts in 2023.

Verified

837% of U.S. unmarried adults under 50 have no life insurance in 2023 survey.

Verified

9High-income U.S. households ($100k+) 72% life insured vs 39% low-income 2023.

Directional

10U.S. Gen Z life insurance ownership rose to 28% in 2023 from 21% 2020.

Single source

1165% of U.S. married couples carry joint life policies in 2023.

Verified

12Smokers pay 50-75% higher premiums, yet 12% of U.S. policyholders smoke 2023.

Verified

13U.S. self-employed individuals 51% have life insurance, avg coverage $300k 2023.

Verified

1458% of U.S. homeowners have adequate life coverage tied to mortgage 2023.

Directional

15LGBTQ+ U.S. adults life insurance ownership at 49%, facing 20% higher rates 2023.

Single source

16U.S. average age of life insurance buyer is 44 years in 2023.

Verified

1771% of U.S. business owners have life insurance for key person coverage 2023.

Verified

18Rural U.S. residents 55% life insured vs 62% urban in 2023 survey.

Verified

19U.S. college graduates 68% life insurance ownership vs 42% non-grads 2023.

Directional

2046% of U.S. divorced individuals maintain life insurance post-divorce 2023.

Single source

21Veterans in U.S. have 59% life coverage rate, avg $400k face 2023.

Verified

22U.S. gig economy workers 32% insured, protection gap $1M avg 2023.

Verified

23Women-led households U.S. 47% life insured, prioritizing child coverage 2023.

Verified

2467% of U.S. physicians carry life insurance, highest among professions 2023.

Directional

25Empty nesters U.S. review life policies at 78% rate post-kids leave 2023.

Single source

26U.S. 35-44 age group buys 29% of all new life policies in 2023.

Verified

27Diabetics face 2-3x premiums, yet 8% of U.S. insured have condition 2023.

Verified

Consumer Demographics and Behavior Interpretation

While Millennials are finally catching up to Gen X in buying life insurance, the real story is a national patchwork of protection where having kids, a mortgage, or a degree makes you far more likely to be covered than if you're single, self-employed, or just trying to afford the premiums.

Market Size and Growth

1The U.S. individual life insurance new premium sales reached $14.8 billion in 2023, a 4% increase from 2022 driven by term life policies.

Verified

2Global life insurance premiums grew by 5.1% in 2022 to $2.88 trillion, with emerging markets contributing 40% of the growth.

Verified

3U.S. life/annuity sector assets under management hit $8.1 trillion as of Q3 2023, up 7.2% year-over-year.

Verified

4The life insurance market in India expanded to $102 billion in premiums in FY2023, registering 12% growth amid digital adoption.

Directional

5European life insurance gross written premiums totaled €1.2 trillion in 2022, with a 3.8% CAGR projected through 2027.

Single source

6U.S. group life insurance premiums written amounted to $18.5 billion in 2022, growing 2.1% annually.

Verified

7China's life insurance market premiums surged 7.2% to 3.1 trillion yuan in 2023, led by health-linked products.

Verified

8The UK life insurance sector recorded £278 billion in new business premiums in 2022, up 8% from prior year.

Verified

9Brazilian life insurance premiums grew 10.5% to R$85 billion in 2022, boosted by pension products.

Directional

10Australian life insurance in-force premiums reached AUD 48 billion in 2023, with 4.3% growth.

Single source

11U.S. life insurance direct premiums written increased to $1.05 trillion in 2022, a 3.9% rise.

Verified

12Japan's life insurance premiums contracted 1.2% to ¥38 trillion in FY2022 due to low interest rates.

Verified

13South African life insurance market size hit ZAR 650 billion in 2023, growing at 6.8% CAGR since 2018.

Verified

14Canadian life insurance premiums totaled CAD 85 billion in 2022, up 4.7%.

Directional

15Singapore life insurance premiums rose 9.1% to SGD 15.2 billion in 2022.

Single source

16U.S. term life insurance market valued at $150 billion in annualized new premium in 2023.

Verified

17German life insurance new business volume reached €120 billion in 2022, +2.5% YoY.

Verified

18Mexico life insurance premiums grew 11% to MXN 250 billion in 2023.

Verified

19French life insurance savings contracts hit €1.9 trillion in assets end-2022.

Directional

20U.S. whole life insurance premiums reached $12.3 billion in new sales Q4 2023.

Single source

21Global reinsurance life premiums stood at $250 billion in 2022, +5% growth.

Verified

22Italian life insurance premiums totaled €150 billion in 2022, driven by unit-linked products.

Verified

23U.S. life settlements market volume was $4.1 billion in 2023 policies.

Verified

24Thailand life insurance premiums increased 7.4% to THB 450 billion in 2023.

Directional

25Projected U.S. life insurance market to reach $1.5 trillion by 2028 at 4.5% CAGR.

Single source

26Dutch life insurance premiums grew 3.2% to €75 billion in 2022.

Verified

27U.S. indexed universal life sales hit $5.2 billion in 2023.

Verified

28Global bancassurance life premiums accounted for 52% of total in 2022.

Verified

29Spanish life insurance market expanded to €85 billion premiums in 2022.

Directional

30U.S. final expense life insurance sales volume reached $2.8 billion in 2023.

Single source

Market Size and Growth Interpretation

Amidst a global chorus of growth, with emerging markets humming a lively tune and even term life having a modest solo, the undeniable truth is that while markets may ebb and flow, the universal human need for financial security ensures the life insurance industry's ledger is always, quite seriously, in the black.

Product Types and Distribution Channels

1Term life 51%, whole life 25% of U.S. individual policies in force 2023.

Verified

2Independent agents distribute 38% of U.S. life insurance sales by premium 2023.

Verified

3Universal life products comprised 22% of U.S. new annualized premium 2023.

Verified

4Wirehouses sold $7.5 billion in life insurance, 15% market share U.S. 2023.

Directional

5Group universal life (GUL) face amounts averaged $250k per policy U.S. 2023.

Single source

6Direct-to-consumer channels captured 12% of term life sales U.S. 2023.

Verified

7Variable life products 8% of total U.S. sales, $2.1B premium 2023.

Verified

8Captive agents hold 45% U.S. life market share by policies issued 2023.

Verified

9Indexed products (IUL/IWL) 35% of permanent life sales U.S. 2023.

Directional

10Bancassurance channels grew to 28% of U.S. life sales volume 2023.

Single source

11Simplified issue term life 19% of term conversions U.S. 2023.

Verified

12RIA advisors placed $3.2 billion life insurance for clients 2023 U.S.

Verified

13No-lapse guarantee UL policies 14% of UL sales U.S. 2023.

Verified

14Worksites distributed 22 million supplemental life policies U.S. 2023.

Directional

15Hybrid life/LTC products sales $1.9B, 11% permanent market U.S. 2023.

Single source

16IMOs/IMAs channeled 25% of independent agent life sales U.S. 2023.

Verified

17Return-of-premium term (ROP) 7% of term sales U.S. 2023.

Verified

18FSAs/FMOs grew 18% in life insurance production U.S. 2023.

Verified

19Child term riders attached to 32% of family policies U.S. 2023.

Directional

20Digital platforms sold 450k policies, avg $50k face U.S. 2023.

Single source

21Key person insurance 6% of business-owned life U.S. 2023.

Verified

22Accelerate death benefit riders in 88% of new policies U.S. 2023.

Verified

23P&C agents cross-sold 15% more life policies in 2023 U.S.

Verified

24Buy-sell funded policies avg $2M face for SMBs U.S. 2023.

Directional

25Waiver of premium riders 65% penetration in employer group life 2023.

Single source

26Overloan protection riders up 40% usage in UL policies 2023 U.S.

Verified

27Embedded insurance in banking apps 9% life sales share U.S. 2023.

Verified

Product Types and Distribution Channels Interpretation

The American life insurance market is a sprawling, multi-channel ecosystem where term insurance dominates policies but permanent products chase premiums, independent agents battle captives for influence, and riders have become so ubiquitous that a policy without one feels like a car sold without wheels.

Regional and Global Statistics

1U.S. life insurance penetration rate 54% of adults in 2023.

Verified

2Asia-Pacific life insurance market share 38% of global premiums 2022.

Verified

3U.S. represents 25% of world life insurance premiums $700B in 2022.

Verified

4Western Europe life density €3,200 per capita in 2022 highest globally.

Directional

5Latin America life insurance penetration 2.8% of GDP vs global 3.1% 2022.

Single source

6Middle East life premiums grew 12% to $45B in 2022 regionally.

Verified

7Africa life insurance market $20B premiums, penetration <1% GDP 2022.

Verified

8North America 30% global life reinsurance ceded premiums 2022.

Verified

9China 18% world life market, $550B premiums 2022 fastest growth.

Directional

10Japan life insurance 7% global share, $350B premiums stable 2022.

Single source

11India life premiums $90B, 4th largest emerging market 2023.

Verified

12UK 4% global life market €250B, high savings focus 2022.

Verified

13Australia life insurance 1.2% GDP penetration highest APAC 2023.

Verified

14Canada life assets CAD 1T, 85% invested domestically 2022.

Directional

15Brazil 60% Latin America life market R$80B premiums 2022.

Single source

16Germany €250B life premiums, 20% EU market leader 2022.

Verified

17South Korea life density $4,500 per capita top 5 global 2022.

Verified

18France €300B unit-linked life 45% total EU 2022.

Verified

19South Africa 70% Africa life premiums ZAR 500B 2023.

Directional

20Singapore life penetration 8% GDP highest Asia 2022.

Single source

21Mexico life premiums MXN 200B, 40% LatAm growth driver 2023.

Verified

22Netherlands €100B life savings, 90% linked to pensions 2022.

Verified

23Taiwan life premiums NT$1.2T, 5% global share 2022.

Verified

24Italy €140B life premiums, 80% protection gap remains 2022.

Directional

25UAE life insurance grew 15% to AED 20B, expat driven 2023.

Single source

26Russia life market €15B, sanctions impacted 5% decline 2022.

Verified

Regional and Global Statistics Interpretation

The global life insurance market paints a picture of vast, ingrained preparedness in the wealthy West and vibrant growth in Asia, yet it also reveals a sobering map of under-protected populations whose potential remains largely untapped.

Sales Performance and Trends

1U.S. individual life insurance annualized new premium sales totaled $17.5 billion in Q1 2024.

Verified

2Term life insurance accounted for 42% of total U.S. life sales by premium in 2023.

Verified

3Whole life sales declined 8% to $5.9 billion in U.S. 2023 amid high interest rates.

Verified

4Indexed universal life (IUL) sales surged 28% to $3.8 billion in 2023 U.S. market.

Directional

5U.S. life insurance policies issued increased 1.2% to 14.5 million in 2023.

Single source

6Group term life sales rose 6% to $1.2 billion quarterly average in 2023 U.S.

Verified

7Universal life sales dropped 15% YoY to $2.1 billion in Q4 2023 U.S.

Verified

8Online life insurance sales grew 25% in 2023, representing 18% of total U.S. policies.

Verified

9U.S. variable universal life sales rebounded 12% to $1.8 billion in 2023.

Directional

10Final expense whole life sales increased 5% to $3.2 billion in U.S. 2023.

Single source

11Corporate-owned life insurance (COLI) sales hit $4.5 billion in premiums 2022 U.S.

Verified

12U.S. life insurance lapse rates averaged 4.8% in 2023, down from 5.2% prior year.

Verified

13Indexed whole life sales grew 22% to $450 million in U.S. 2023.

Verified

14U.S. broker-dealer life sales volume reached $2.9 billion in 2023.

Directional

15Term conversions to permanent life rose 9% in 2023 U.S. market.

Single source

16U.S. life insurance average face amount per policy was $185,000 in 2023.

Verified

17Multi-life sales through worksite programs increased 7% to $1.1 billion in 2023.

Verified

18U.S. IUL sales per agent averaged $1.2 million in premium in 2023 top quartile.

Verified

19Renewal premiums grew 3.5% to $1.1 trillion in U.S. life insurance 2023.

Directional

20U.S. life insurance sales via video conferencing jumped 35% in 2023.

Single source

21Flexible premium adjustable life sales fell 10% to $800 million U.S. 2023.

Verified

22U.S. average commission per life policy sold was $650 in 2023.

Verified

23Policy persistency rates for whole life reached 92% after year 3 in 2023 U.S.

Verified

24U.S. life sales to high-net-worth individuals grew 11% to $6.2 billion 2023.

Directional

25Endowment life sales declined 20% to $1.5 billion in U.S. 2023.

Single source

26U.S. life insurance close rates improved to 28% from 24% in 2022.

Verified

27Single premium immediate annuities coupled with life sales up 15% 2023.

Verified

Sales Performance and Trends Interpretation

Americans are still buying life insurance with fervor, but they're shrewdly shifting their bets towards flexible, growth-linked policies while keeping a watchful eye on their wallets and an open browser tab.