What are the demographics of life insurance customers?

Household income from household income households with higher incomes tend to have more people with life insurance. This is the second in a two-part series that explores how insurers can promote financial inclusion by improving knowledge and access to life insurance products. The most common degree for life insurance agents is a bachelor's degree. 53% of life insurance agents earn that degree.

Guaranteed issuance life insurance is a type of policy that omits the standard health requirements for life insurance policies. All insurance products are governed by the terms of the applicable insurance policy, and all related decisions (such as coverage approval, premiums, fees and charges) and policy obligations are the sole responsibility of the insurance insurer. Insurance is a multi-billion dollar industry in the United States, and the life insurance industry is one of its most important and most important components. In addition, it seems that those who already have life insurance are also planners by nature; nearly 70 percent of people who participate in group retirement savings plans, such as 401 (k) plans and pensions, also have life insurance coverage.

Insurers should also examine how each group prefers to interact throughout the life insurance lifecycle, as well as their preferences in terms of product characteristics and holistic financial portfolios. The COVID-19 pandemic has impacted some perceptions and realities in the insurance industry, in particular the life insurance sector. Life insurance ownership can also vary significantly from state to state, according to the American Council of Life Insurers. The most common ethnicity among life insurance agents is white, which represents 66.0% of all life insurance agents.