Life Insurance Statistics by State (2022)

Life Insurance Statistics by State 2022

Are you looking for key life insurance facts statistics by state 2022?

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.

Life Insurance Coverage Purchased Each Year By State

Below is a table for the total life insurance purchased by state (coverage amount in millions) for all 50 states and D.C. for 2022.

StateIndividualGroupCreditTotal
California$249,746$201,412$655$451,813
Texas$167,886$116,460$6,518$290,864
New York$126,953$94,571$2,080$223,604
Florida$120,981$65,816$3,2,72$190,069
Illinois$76,135$62,968$808$139,911
Pennsylvania$60,521$60,314$1,122$121,958
New Jersey$71,165$40,036$205$111,405
Georgia$67,959$59,894$3,249$131,102
North Carolina $54,541 $40,692$2,348$97,581
Ohio$50,290$60,171$1,097$111,557
Massachusetts$43,577$37,260$83$80,921
Michigan$42,058$39,990$1,049$83,097
Colorado$39,465$18,770$156$58,390
Maryland$37,047$21,833$430$59,309
Tennessee$38,976$41,708$1,544$82,228
Wisconsin$29,258$25,239$373$55,171
Missouri$31,599$33,057$603$65,259
Minnesota$35,000$27,743$217$62,960
Indiana$29,416$21,337$828$51,581
Arizona$33,175$25,953$306$59,434
Washington$37,278$32,218$199$69,695
South Carolina$26,379$15,128$2,207$43,714
Connecticut$25,194$17,569$79$42,842
Alabama$26,208$14,949$1,145$42,302
Louisiana$25,448$18,011$1,474$44,933
Utah$22,336$13,380$229$35,945
Oregon$16,646$8,156$171$24,972
Oklahoma$16,510$12,213$522$29,245
Nevada$16,606$6,721$49$23,376
Kentucky$16,012$23,283$911$40,206
Mississippi$15,289$6,280$1,135$22,704
Iowa$18,363$8,283$324$26,450
Kansas$15,297$10,866$287$26,970
Hawaii$8,756$2800$145$11,702
Arkansas$12,388$8,542$114$21,045
Delaware$8,500$28,052$19$36,570
Nebraska$13,160$6,131$83$19,373
New Mexico$6,484$3,059$293$9,836
South Dakota$8,013$1,810$71$9,894
Washington D.C.$5,779$18,594$28$24,401
Idaho$8,828$3,017$148$11,994
New Hampshire$6,070$5,191$171$11,432
Rhode Island$4,447$2,412$4$6,864
Maine$3,860$4,955$249$9,063
West Virginia$4,453$3,617$238$8,309
Vermont$2,415$1,500$36$3,951
North Dakota$5,081$2,647$164$7,892
Montana$5,1601,739$45$6,944
Alaska$4,359$2,518$4$6,881
Wyoming$3,453$1,015$32$4,500
Life Insurance Coverage Purchased Each Year By State Chart

Source: ACLI with National Association of Insurance Commissioners (NAIC) data 2020. Table updated 2/2022

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) for 2022.

StateTotal
California$4,442,407
Texas $2,789,726
New York$2,542,038
Florida $1.944,252
Illinois $1,550,722
New Jersey$1,519,060
Pennsylvania $1,412,419
Georgia $1,171,015
North Carolina $1,071,836
Ohio $1,121,641
Massachusetts $1,026,717
Michigan $940,686
Minnesota $762,950
Maryland$732,852
Washington$758,366
Tennessee$726,572
Colorado$674,947
Missouri $647,362
Wisconsin $652,782
Indiana $625,925
Connecticut$579,282
Arizona$594,174
South Carolina$463,900
Louisiana$449,739
Kentucky$376,432
Iowa$363,757
Utah$357,918
Oregon$348,723
Oklahoma$310,871
Kansas$310,551
Nebraska$239,289
Nevada$235,678
Mississippi$241,337
Delaware$235,272
Arkansas$243,173
District of Columbia$184,894
Idaho$161,524
Hawaii$155,216
New Hampshire$149,608
New Mexico$148,566
South Dakota$129,465
West Virginia$112,740
Rhode Island$110,537
Maine$99,090
North Dakota$91,505
Montana$86,803
Alaska$73,268
Wyoming$54,353
Vermont$53,578
Total Life Insurance Coverage In Force (Active) By State Chart

Source: ACLI with National Association of Insurance Commissioners (NAIC) data 2020. Table includes a total from individual, group and credit life insurance policies. Table updated 2/2022

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) for 2022.

As you can see in the table below, beneficiaries in California received life insurance proceeds (paid out from death) of $10.8 billion in a single year followed by Texas $8.7 billion, New York $9.2 billion, Florida $8 billion and Pennsylvania $5.3 billion to round out the top five states in the U.S. 2022.

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

StateDeath Payments (Pay Out)
California$10,858,644
Texas$8,758,267
New York $9,255,984
Florida$8,085,864
Pennsylvania$5,310,548
Minnesota$5,215,037
Illinois$5,186,147
New Jersey$5,045,462
Michigan$4,346,191
Ohio$4,573,344
North Carolina$4,164,506
Georgia$4,106,158
Virginia$3,532,591
Massachusetts$2,625,477
Tennessee$2,602,795
Maryland$2,414,055
Indiana$2,337,153
Wisconsin$2,263,344
Missouri$2,259,429
Alabama$2,030,597
Arizona$1,933,074
Washington$1,922,985
Colorado$1,769,581
Connecticut$1,723,142
South Carolina$1,971,225
Louisiana$1,777,452
Iowa$1,546,274
Kentucky$1,427,812
Oklahoma$1,220,548
Kansas$1,103,736
Utah$1,141,950
Mississippi$1,102,377
Delaware$1,018,428
Oregon$1,071,208
Arkansas$915,294
Nevada$904,317
Nebraska$846,685
West Virginia$557,089
Idaho$553,309
New Mexico$523,720
South Dakota$496,237
New Hampshire$489,423
Maine$446,533
Hawaii$438,634
Rhode Island$405,832
District of Columbia$325,325
Montana$306,780
North Dakota$296,711
Alaska$147,356
Vermont$195,959
Wyoming$189,203
Life Insurance Pay Out Claims Paid To Beneficiaries by State Chart

Source: ACLI with National Association of Insurance Commissioners (NAIC) data for 2020.

Wrap Up

As you can see in our article on life insurance statistics by state 2022, 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 $90 billion in life insurance death payments are paid to beneficiaries each year in America (2020). In fact, a total of $747 billion was paid to beneficiaries for: death payments, dividends, annuity payments, surrender values and other payments in 2020 in just alone.

Behind the numbers listed above are real people, families and businesses that rely on life insurance to provide liquidity should the unexpected suddenly occur. The immediate 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 2022?

There are 747 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 $90 billion in death benefit claims to beneficiaries in 2020. A total of $747 billion was paid to beneficiaries for: death payments, dividends, annuity payments, surrender values and other payments in 2020.


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 $90 billion in claims just from death claim payments in 2020 alone.


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