- Life insurers pay out $1.5 billion to families and businesses every day.
- One out of every five dollars (20%) of Americans’ long-term savings is in life insurance and annuities.
- The life insurance industry generates approximately 2.5 million jobs in the U.S., including direct employees, those who sell life insurance products, and non-insurance jobs supported by the industry.
- With $4.9 trillion (90% of the industry’s total assets) invested in the U.S. economy, life insurers are one of the largest sources of investment capital in the nation.
- Life insurers are the single largest source of bond financing for American businesses, holding over 18% of all U.S. corporate bonds. This helps fuel the growth of private sector research, innovation, and jobs.
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PROTECTING THE DISTRICT OF COLUMBIA’S FAMILIES
- District of Columbia residents have $156 billion in total life insurance coverage.
- Residents own 414,000 individual life insurance policies, with coverage averaging $94,000 per policyholder.
- Group life insurance coverage amounts to $117 billion.
- Individual life insurance coverage purchased in 2011 totaled $5 billion.
- $1 billion was paid to District of Columbia residents in the form of death benefits, matured endowments, policy dividends, surrender values, and other payments in 2011.
- Annuity benefits paid in 2011 totaled $203 million.