According to the ACLI 2024 Life Insurers Fact Book, the total amount of life insurance in force in the United States rose for the fifth consecutive year to a record $22.2 trillion in 2023.
The average size of new individual life insurance policies purchased increased from $165,000 in 2013 to $206,000 in 2023.
In 2023, there were more than 134 million individual life insurance policies across the nation.
The growth reflects an increasing recognition by Americans of the importance of life insurance to help protect their families and secure their financial future.
Khari Cook is Senior Analyst, Research at the American Council of Life Insurers (ACLI). He is primarily responsible for data analysis of life insurers’ quarterly and annual statutory filings, along with company product line and investment survey data.
