Life Insurance Statistics by State 2021

Life Insurance Statistics by State 2021

Are you looking for key life insurance statistics by state 2021?

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 paid out in claims each year.

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.

Life Insurance Coverage Purchased Each Year By State

California residents purchased the most life insurance coverage in the country with $392 billion in a single year followed by Texas with $260 billion, New York $190 billion and Florida with $184 billion. The state with the least amount of residents, Wyoming purchased $5 billion worth of life insurance coverage in a calendar year.

Total Life Insurance Insurance Purchased by State (coverage amount in millions)

StateIndividualGroupCreditTotal
California$245,356$145,643$846$391,845 (billion)
Texas$156,212$98,204$6,385$260,801
New York$134,935$52,842$2,446$190,224
Florida$116,729$64,107$3,353$184,190
Illinois$76,353$56,030$1,030$133,414
Pennsylvania$61,339$57,129$1,471$119,939
New Jersey$70,236$35,951$292$106,479
Georgia$62,013$40,445$3,498$105,967
North Carolina $51,855 $38,452 $2,707 $93,981
Ohio$48,318$38,452$1,385$88,155
Massachusetts$44,146$37,974$107$82,227
Michigan$40,252$37,860$1,237$79,349
Colorado$38,492$32,399$187$71,078
Maryland$34,296$30,954$495$65,745
Tennessee$37,155$25,664$1,760$64,579
Wisconsin$29,581$34,157$4467$64,205
Missouri$30,007$28,319$632$58,959
Minnesota$34,752$21,247$285$56,284
Indiana$27,959$27,681$901$56,541
Arizona$30,835$21,777$229$52,841
Washington$36,091$15,046$270$51,407
South Carolina$25,328$18,987$2,557$46,892
Connecticut$25,194$17,569$79$42,842
Alabama$25,083$13,774$1,285$40,142
Louisiana$25,491$13,762$1,710$40,963
Utah$21,526$12,452$259$34,237
Oregon$16,285$13,079$242$29,607
Oklahoma$16,324$11,439$647$28,410
Nevada$15,515$12,786$63$28,364
Kentucky$16,263$10,827$1,246$28,336
Mississippi$14,438$10,072$1,288$25,979
Iowa$17,077$9,973$392$27,442
Kansas$14,917$10,036$348$25,301
Hawaii$8,834$11,999203$21,036
Arkansas$12,706$7,319$131$20,156
Delaware$8,326$10,733$44$19,103
Nebraska$12,796$5,290111$18,197
New Mexico$6,005$10,300$379$16,683
South Dakota$8,354$7,384$83$15,821
District of Columbia$5,663$8,268$18$13,950
Idaho$8,536$5,173$168$13,877
New Hampshire$6,225$5,219$215$11,660
Rhode Island$4,272$5,719$8$9,999
Maine$3,901$5,097$298$9,296
West Virginia$4,408$4,388$273$9,070
Vermont$2,065$6,483$67$8,615
North Dakota$5,172$2,842$203$8,217
Montana$4,897$2,144$61$7,103
Alaska$3,428$1,741$5$5,174
Wyoming$3,334$1,575$43$4,952
Life Insurance Coverage Purchased Each Year By State

Source: ACLI with National Association of Insurance Commissioners (NAIC) data. Numbers are for 2019.

Total Life Insurance Coverage In Force (Active) By State

Residents of California have the most life insurance coverage in force with $4.2 trillion. Texas residents had $2.6 trillion, New York $2.5 trillion, Florida $1.9 trillion, Illinois $1.5 trillion, New Jersey $1.4 trillion, Pennsylvania $1.4 trillion, Georgia $1.1 trillion, North Carolina and Ohio with $1 trillion. Wyoming residents have a total in force life insurance coverage amount of $52 billion, respectively in 2019.

Table includes a total from individual, group and credit life insurance policies.

Total Amount of Life Insurance In Force (Active) by State (coverage amount in millions)

StateTotal
California$4,233,435 (trillion)
Texas $2,653,621
New York$2,526,264
Florida $1.904,9112
Illinois $1,542,392
New Jersey$1,480,122
Pennsylvania $1,419,233
Georgia $1,149,811
North Carolina $1,051,381
Ohio $1,091,663
Massachusetts $960,020
Michigan $935,829
Minnesota $749,366
Maryland$742,142
Washington$711,104
Tennessee$675,210
Colorado$662,090
Missouri $618,022
Wisconsin $608,781
Indiana $602,425
Connecticut$578,986
Arizona$569,312
South Carolina$452,155
Louisiana$445,592
Kentucky$367,494
Iowa$358,489
Utah$343,273
Oregon$343,060
Oklahoma$305,205
Kansas$298,420
Nebraska$245,553
Nevada$238,906
Mississippi$236,596
Delaware$235,272
Arkansas$214,354
District of Columbia$170,139
Idaho$155,373
New Mexico$154,623
Hawaii$146,667
New Hampshire$141,849
South Dakota$123,948
West Virginia$115,962
Rhode Island$111,260
Maine$107,288
North Dakota$87,175
Montana$82,931
Alaska$67,618
Vermont$54,777
Wyoming$52,357
Total Life Insurance Coverage In Force (Active) By State

Source: ACLI with National Association of Insurance Commissioners (NAIC) data. Numbers are for 2019.

Life Insurance Death Benefit Claims Paid To Beneficiaries Every Year by State

Beneficiaries in California received life insurance proceeds (paid out from death) of $10.3 billion in a single year followed by Texas $7.8 billion, New York with $7.4 billion and Florida $7.3 billion in (2019).

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

StateDeath Payments (Pay Out)
California$10,336,578 (billion)
Texas$7,822,022
New York $7,434,515
Florida$7,324,806
Minnesota$4,950,103
Pennsylvania$4,906,691
Illinois$4,562,157
New Jersey$3,939,050
Michigan$3,927,912
Ohio$3,917,458
North Carolina$3,759,703
Georgia$3,631,001
Virginia$3,018,552
Tennessee$2,456,824
Massachusetts$2,408,214
Missouri$2,360,334
Maryland$2,358,271
Indiana$2,164,110
Wisconsin$2,173,746
Washington$1,758,104
Arizona$1,754,747
Colorado$1,727,731
Connecticut$1,697,897
Alabama$1,690,074
South Carolina$1,655,008
Louisiana$1,534,189
Iowa$1,384,047
Kentucky$1,332,555
Oklahoma$1,175,047
Kansas$1,117,541
Utah$1,105,315
Oregon$978,095
Mississippi$916,172
Arkansas$904,519
Delaware$776,343
Nebraska$758,203
Nevada$735,902
West Virginia$553,869
New Mexico$492,416
Hawaii$454,584
Idaho$429,273
South Dakota$428,954
Maine$419,018
New Hampshire$397,528
Rhode Island$348,199
District of Columbia$319,929
North Dakota$275,797
Alaska$288,031
Montana$268,037
Vermont$188,702
Wyoming$187,006
Life Insurance Death Benefit Claims Paid To Beneficiaries Every Year by State

Source: ACLI with National Association of Insurance Commissioners (NAIC) data. Numbers are for 2019.

Wrap Up

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

Over $100 billion in life insurance death payments are paid to beneficiaries each year in America (2019). A total of $605 billion was paid to beneficiaries for: death payments, dividends, annuity payments, surrender values and other payments in 2019.

The number of lives, families and businesses that were positively impacted by life insurance is remarkable. When you think amount the number of beneficiaries and families that don’t have to sell their home, take their children out of school or live in poverty when a breadwinner suddenly passed away is incredible. Also, the number of businesses and companies that can continue on and stay in business after a key person passed away is also astonishing.


FAQ

How Many Life Insurance Companies Are There in America 2021?

There are 745 life insurers domiciled in the United States and and another 16 domiciled in U.S. territories for a total of 761 (for 2019).


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

Life insurance companies in America paid out $111 billion in death benefit claims to beneficiaries in 2019. A total of $605 billion was paid to beneficiaries for: death payments, dividends, annuity payments, surrender values and other payments in 2019.


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 $111 billion in claims just from death claim payments in 2019 alone.


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