How life insurance supports financial wellness for those you love

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Guardian studies show inconsistent attitudes toward life insurance

80% of Americans (assigned the color blue) are concerned about being financially prepared in the event of a premature death.

Yet only 18% of workers (assigned the color orange) indicate that life insurance is an “extremely important” benefit to them, with the vast majority ranking medical insurance, retirement savings, and paid time off higher in importance.

Inconsistent attitudes toward life insurance - image description available below image

Life insurance ownership by household 

In 2023 (assigned the color blue), percentages of life insurance ownership have changed from what they were in 2019 (assigned the color orange)

In the annual income range of $25,000 to $49,000, ownership is down from 64% to 52%.

In the annual income range of $50,000 to $74,000, ownership is up from 68% to 70%.

In the annual income range of $75,000 to $99,000, ownership is down from 75% to 67%.

In the annual income range of $100,000 to $149,000, ownership is up from 80% to 82%.

In the annual income range of $150,000 or more, ownership is up from 86% to 87%.

Life insurance ownership by household - image description available below image

Life insurance ownership amounts by salary multiples

In 2023 (assigned the color blue), percentages of life insurance ownership have changed from what they were in 2019 (assigned the color orange)

24% of workers (assigned the color dark blue), own life insurance amounts of one times their salary or less.

23% of workers (assigned the color dark orange), own life insurance amounts of two times their salary.

17% of workers (assigned the color dark purple), own life insurance amounts of three times their salary.

10% of workers (assigned the color blue), own life insurance amounts of four times their salary.

11% of workers (assigned the color light purple), own life insurance amounts of five times their salary.

4% of workers (assigned the color light orange), own life insurance amounts of six times their salary.

11% of workers (assigned the color light blue), own life insurance amounts of seven times their salary or more.

Life insurance ownership amounts by salary multiples - image description available below image

Extent of financial impact among households that experienced the premature death of a main wage earner

23% of these workers (assigned the color dark blue) experienced a devastating financial impact.

39% of these workers (assigned the color orange) experienced a major financial impact.

27% of workers (assigned the color purple) experienced a minor financial impact.

9% of workers (assigned the color blue) experienced no financial impact.


Extent of financial impact among households that experienced the premature death of a main earner - image description available below image

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Understand the financial impact of life insurance coverage on US adults and their families and its essential role in safeguarding household financial wellness.

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