The impact of the life insurance industry

The impact of the life insurance industry

The life insurance industry protects individuals, families and businesses; provides jobs; and significantly invests in the U.S. economy. The information shown below from the American Council of Life Insurers (ACLI) shows the industry’s impact:

  • Protects 90 million families
  • Generates 2.7 million jobs
  • Invests $6.3 trillion in the U.S. economy
  • 95% of life insurance industry assets are invested in the U.S. economy
  • $2.1 billion in benefits paid every day to American families and businesses, including:
    • $358.6 million every day in life insurance payments ($130.9 billion annually)
    • $52.9 million every day in disability income claims ($19.3 billion annually)
    • $1.1 billion every day in annuity payments ($406 billion annually)
  • In 2018, the life insurance death benefits paid were enough to:
    • Put almost 2 million children through four years of college ($1.96 million)
    • Allow more than 394,000 surviving spouses to completely pay-off their mortgages (median mortgage debt: $202,284)

Source: The American Council of Life Insurers | 2019 Annual Review

Insurance products issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Guarantees are based upon the claims-paying ability of the issuer. Product, product features and rider availability vary by state. Issuers not licensed to conduct business in NY. 

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