How much life insurance is actually out there?
According to the 2006 Life Insurance Fact Book: • Total life insurance in force in the United States today is $24 trillion; • $13.8 trillion of the $24 trillion is individual life insurance; • Universal life insurance accounts for $7.7 trillion or 56% of individual life insurance; • 7% or $909 billion of individual life insurance is forfeited or surrendered each year; • 90% of universal life policies lapse and never pay a death benefit, • 69% of seniors over the age of 65 today own a total of $3.9 trillion of individual life insurance; • The net life insurance in force in the United States is growing at 5% per year, net of $909 billion of annual forfeitures and surrenders.
According to the 2006 Life Insurance Fact Book: • Total life insurance in force in the United States today is $24 trillion; • $13.8 trillion of the $24 trillion is individual life insurance; • Universal life insurance accounts for $7.7 trillion or 56% of individual life insurance; • 7% or $909 billion of individual life insurance is forfeited or surrendered each year; • 90% of universal life policies lapse and never pay a death benefit, • 69% of seniors over the age of 65 today own a total of $3.9 trillion of individual life insurance; • $1.7 trillion insures the lives of females over age 65 • The net life insurance in force in the United States is growing at 5% per year, net of $909 billion of annual forfeitures and surrenders.
