15 New Whole Life Insurance Statistics and Trends

If you are considering the purchase of a new whole life insurance policy, you may want to review the current life insurance trends in the life insurance industry that relate to whole life insurance to become better informed about this type of life insurance coverage.

Here is a list of Whole Life Insurance Statistics and Trends for 2024:

According to the American Council of Life Insurers (ACLI), whole life insurance policies made up 34% of all new life insurance policies sold in 2023. 

This figure shows that whole life insurance is retaining its popularity as a preferred choice among consumers for permanent coverage and accumulated cash value benefits.

LIMRA’s research indicates that the total face value of whole life insurance policies purchased in the United States went up by 4% from 2022 to 2023. 

This growth reflects a renewed interest and trust in whole life insurance as a stable and valuable financial product.

A report from the National Association of Insurance Commissioners (NAIC) shows that 62% of whole life insurance policyholders view their policies as a form of forced savings. 

This sentiment aligns with the idea that whole life insurance is not just about protection, but also about building a financial nest egg over time.

The Insurance Information Institute (III) noted that the average death benefit for whole life insurance policies issued in 2023 was $155,000. 

This provides a baseline for understanding the typical coverage amounts that people are choosing for their whole life policies.

Recent data from LOMA reveals that 78% of whole life insurance policyholders expressed satisfaction with their policy’s performance in 2023. 

This high satisfaction rate demonstrates strong policyholder loyalty and perceived value.

The U.S. Census Bureau indicates that 49% of new whole life insurance policyholders in 2023 were under the age of 40. 

This suggests that younger generations are increasingly recognizing the benefits of whole life insurance for long-term financial planning.

Hopefully, these statistics and trends will help you make a better informed decision about buying your whole life insurance policy.