U . S . women ’ s market
There are 131 million adult women in the United States . In 2022 , 44 % of women owned life insurance , 7 points below the ownership rate of men ( 53 %). This marks the sixth consecutive year of declines in the rate of women ’ s life insurance ownership .
More than
56 million women
are living with an acknowledged life insurance coverage gap .
37
% of women say their households need enough life insurance to cover 5 to 10 years of a primary wage earner ’ s income , in the event of that primary wage earner ’ s death .
An additional 37 % of women say they would need 11 years or more of coverage .
43 %
of women believe they need ( or need more ) life insurance , which equates to more than 56 million women living with an acknowledged life insurance coverage gap .
35 %
of women wish they had purchased life insurance coverage earlier in life . An equal proportion believe they do not have enough coverage .
53 %
of women say the major reason they have life insurance is to pay for burial and financial expenses . Women also cite replacing income and paying off mortgages as top reasons for coverage .
The Asian American market
There are nearly 22 million Asian Americans tracing their heritage from over 20 countries . More than 11 million ( 52 %) have life insurance and express more concern about their job security and maintaining a steady income than the general population .
45 %
60 %
51 % of Asian Americans believe they need ( or need more ) coverage , representing nearly 8.8 million adults .
41
% of Asian Americans cited reason to not buy life insurance as being too expensive ;
36
% had other financial priorities . of Asian Americans own permanent products and the same proportion own term insurance . of those Asians who own permanent life insurance , say the cash value is intended for transferring wealth and leaving an inheritance .
26feel knowledgeable about
life insurance ; 75 % overestimated the cost of life insurance .
% of Asian Americans
Deeper dive continued on page 44
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