Life Insurance Statistics by State for 2023

Life Insurance Statistics by State 2022

Are you looking for key life insurance facts statistics by state 2023?

Well…then you have come to the right place.

In this post we will show the amount of life insurance coverage that is purchased each year by state, the total amount of life insurance that is in force and how much money life insurance companies actually pay out in claims each year.

As you will see in the tables below, the sheer size of the life insurance industry (billions and trillions of dollars) and that great impact it has on people’s lives and society.

How Does Your State Rank for Life Insurance?

In this article we’ll take a look at the statistics for; the amount of life insurance coverage purchased in each state every year, the total amount of life insurance currently in force coverage (active coverage) and the total amount of money life insurance companies pay out every year from death payments.

As you will notice, the states with the largest populations will also be ranked higher in the tables below, which makes sense statistically.

Individual Life Insurance Coverage Purchased Annually By State

Below is a table for the total individual life insurance purchased by state (coverage amount in millions) in order from the largest to smallest for all 50 states and D.C.

StateIndividual
California$253,874
Texas$174,766
Florida$133,070
New York$132,524
Illinois$74,696
Georgia$74,081
New Jersey$73,919
Pennsylvania$63,403
North Carolina $56,566
Washington$51,710
Ohio$48,446
Virginia $47,329
Massachusetts$45,544
Michigan$42,436
Colorado$41,178
Tennessee$40,757
Maryland$39,235
Minnesota$37,826
Arizona$34,315
Missouri$34,180
Indiana$32,330
Wisconsin$30,341
Utah$28,895
South Carolina$27,894
Connecticut$27,247
Louisiana$27,241
Alabama$27,168
Kentucky$19,944
Oklahoma$18,700
Iowa$18,349
Oregon$17,831
Mississippi$17,616
Nevada$17,306
Kansas$16,647
Arkansas$14,718
Nebraska$12,930
Delaware$11,979
South Dakota$11,276
Idaho$10,754
New Mexico$9,661
Hawaii$8,745
North Dakota$8,149
New Hampshire$7,104
Maine$6,080
Washington D.C.$6,596
Montana$5,919
Alaska$5,703
West Virginia$4,970
Rhode Island$4,644
Wyoming$3,4663
Vermont$2,454
Life Insurance Coverage Purchased Each Year By State Chart

Source: ACLI with National Association of Insurance Commissioners (NAIC) data 2021. Table updated 1/2023

Total Life Insurance Coverage In Force (Active) By State

Below is a table for the total amount of life insurance in force (active) by state (coverage amount in millions) from all all sources: individual, group and credit life insurance.

StateTotal
California$4,403,516
Texas $2,928,616
New York$2,604,522
Florida $2,034,157
New Jersey$1,603,685
Illinois $1,569,904
Pennsylvania $1,441,820
Georgia $1,219,219
North Carolina $1,120,999
Ohio $1,153,465
Massachusetts $1,021,925
Michigan $960,608
Washington$813,236
Minnesota $788,504
Maryland$785,661
Tennessee$762,850
Colorado$714,028
Missouri $677,835
Wisconsin $669,595
Indiana $646,808
Arizona$635,919
Connecticut$598,759
South Carolina$495,590
Louisiana$469,968
Kentucky$392,521
Iowa$391,021
Utah$387,309
Oregon$364,785
Oklahoma$330,263
Kansas$318,996
Nevada$254,091
Mississippi$251,761
Nebraska$243,896
Delaware$268,595
Arkansas$235,752
District of Columbia$188,537
Idaho$167,343
New Hampshire$158,184
Hawaii$157,762
New Mexico$155,330
South Dakota$138,500
West Virginia$117,231
Rhode Island$122,183
Maine$112,847
North Dakota$93,927
Montana$93,231
Alaska$76,805
Wyoming$57,848
Vermont$55,679
Total Life Insurance Coverage In Force (Active) By State Chart

Source: ACLI with National Association of Insurance Commissioners (NAIC) data 2021. Table includes a total from individual, group and credit life insurance policies. Table updated 1/2023

Life Insurance Death Benefit Payment Claims To Beneficiaries by State

Below is a table for the total amount of life insurance death payments paid out by state (coverage amount in thousands).

As you can see in the table below, beneficiaries in California received life insurance proceeds (paid out from death) of $13 billion in a single year followed by Texas $11 billion, Florida and New York $9 billion, and Pennsylvania with $6 billion to round out the top five states in the United States.

Life Insurance Paid Out From Death Benefit Claims Per Year (amounts are in thousands of dollars)

StateDeath Payments (Pay Out)
California$13,238,654
Texas$11,069,505
Florida$9,465,509
New York $9,249,425
Pennsylvania$6,343,616
Illinois$5,637,046
Minnesota$5,635,255
North Carolina$5,216,481
Michigan$5,006,651
Ohio$5,145,044
Georgia$5,115,274
New Jersey$4,79,3,605
Virginia$4,041,198
Massachusetts$2,941,099
Tennessee$3,270,561
Maryland$2,674,136
Indiana$2,612,706
Wisconsin$2,487,989
Missouri$2,613,291
Alabama$2,565,673
Arizona$2,341,600
South Carolina$2,278,309
Louisiana$2,208,967
Colorado$2,196,731
Washington$2,084,004
Connecticut$1,987,533
Iowa$1,653,616
Kentucky$1,592,098
Oklahoma$1,555,338
Kansas$1,338,170
Mississippi$1,328,361
Utah$1,325,475
Arkansas$1,321,626
Oregon$1,158,352
Nevada$1,032,606
Nebraska$979,878
Delaware$968,563
New Mexico$655,122
West Virginia$642,029
Idaho$579,669
South Dakota$543,714
New Hampshire$526,543
Maine$495,501
Hawaii$465,138
Rhode Island$418,557
District of Columbia$405,521
Montana$368,480
North Dakota351,710
Wyoming$292,232
Alaska$216,337
Vermont$199,123
Life Insurance Pay Out Claims Paid To Beneficiaries by State Chart

Source: ACLI with National Association of Insurance Commissioners (NAIC) data for 2021.

Wrap Up

As you can see in our article on life insurance statistics by state 2023, the amount of financial security that life insurance provides in America is staggering. $100 billion in life insurance was paid out to beneficiaries in America 2021. Americans have trillions of of dollars of active life insurance coverage in force that provide peace of mind to the majority of Americans.

Behind the numbers are real people, families and businesses that rely on life insurance to provide liquidity should the unexpected suddenly occur. The immediate financial benefits and the safety net that life insurance provides to the loved ones left behind is truly remarkable when you think about it and look beyond just the data and statistics in a chart.


FAQ

How Many Life Insurance Companies Are There in America 2023?

There are 737 life insurance companies in the United States.


How Much Do Life Insurance Companies Pay Out in Death Benefit Payments To Beneficiaries Every Year?

Life insurance companies in America paid out $100 billion in death benefit claims to beneficiaries in 2021.


Do Life Insurance Companies Pay Out Claims?

Yes, life insurance in America is highly regulated and life insurance policies are contracts. In fact, life insurance companies in America paid out over $100 billion in claims just from death claim payments in 2021 alone.


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