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August 30, 2013 at 01:00 AM
How great is life insurance? Pretty darn great.
In honor of Life Insurance Awareness Month, we’re looking at some of the great things life insurance does for America, from protecting families to employing millions.
These statistics are proof that what you’re doing matters. And that you should probably go out and do some more of it.
75 million American families count on life insurers to protect their financial futures.
Source: ACLI based on U.S. Census 2011, and Federal Reserve Board 2010 Survey of Consumer Finances.
Life insurance products pay out an average of $1.5 billion every day in the U.S. By comparison, Social Security pays out an average of $1.9 billion per day.
20 percent of Americans’ long-term savings are provided by life insurance, including annuities and permanent life insurance.
Source: SecureFamily.org
$19.2 trillion: Total life insurance coverage in force in the U.S. at the end of 2011.
$75 billion: Approximate amount of annuity benefit payments paid to annuity owners in 2011.
Source: ACLI 2012 Life Insurers Fact Book
$62 billion: Approximate amount life insurance companies provided in payments to beneficiaries of policyholders who died in 2011.
$75 billion: Approximate amount of annuity benefit payments paid to annuity owners in 2011.
Source: ACLI 2012 Life Insurers Fact Book
