For the 2017 Life Insurers Fact Book, as published by the American Council of Life Insurers’, the trade organization’s researchers found that the United States gained a 3.6 percent increase in life insurance policies over the course of 2016.
The sizable annual jump resulted in 291 million life insurance policies in force by year’s end, making for the fourth consecutive year of life insurance gains. In all, this has put $20.3 trillion of coverage into play across the United States, levied against $76 billion paid to beneficiaries of such policies. Additionally, $79 billion was paid to owners of annuities.
“The data in the 2017 Fact Book tells a compelling story of the life insurance industry and the role it plays in Americans’ lives,” ACLI President and CEO Dirk Kempthorne said. “Through annuities as well as life, disability, and long-term care insurance, life insurers provide a private-sector safety net that families rely on to maintain their dignity and financial independence through all stages of life.”
The report also determined the industry had employed 2.6 million citizens over this period and invested $2.3 trillion in corporate bonds.