Life insurance distribution channels in the U.S. 2019-2023

In 2023, more than half of all life insurance sales were made by independent agents in the United States, though this share decreased when compared with 2019. Affiliated agents, also known as captive agents, were the next most used distribution channels in both years. 

How many U.S. Americans have life insurance?

Life insurance is a tool that delineates what happens when a consumer passes away, financially. It decides how the money is delegated to beneficiaries. Life insurance also comes into practice when a person is unable to provide for their family due to unforeseen illness or disability. It acts as a safety net for cases of emergency. Signing up for insurance entails picking a policy, paying premiums, and then filing a claim for the payout when needed. The beneficiaries in the life insurance policy get the payout in either a lump sum or in payments, based on what is written in the contract. Approximately 50 percent of Americans owned life insurance in 2023. In the United States, policyholders must pay taxes on the federal and state level for these premiums. 

Who are the leading players in the U.S.?

The largest life insurance company in the United States in 2022, by assets was Prudential Financial, headquartered in Newark, New Jersey. MetLife and New York Life followed behind with significantly fewer assets. The total number of life insurance companies domestically has been steadily decreasing since 1990.