Insights
U.S. Life Insurance
Combined with health and medical insurance, it is by far the largest industry in the United States, almost twice the size of the commercial banking industry, making it the largest and most important industry globally.
As of 2021, there were approximately 290 million individual life insurance policies in force, representing trillions of dollars in managed assets ($8.3 trillion in 2022).
These assets are held in a variety of investment vehicles, including bonds, stocks, real estate, infrastructure projects, and other financial instruments that can be held for long-term periods.
Beyond direct employment, the life insurance industry contributes to the economy by supporting financial markets through its long-term investments and providing financial security to millions of households.
The life insurance industry is a significant employer, providing jobs to hundreds of thousands of people across various functions including underwriting, claims processing, sales, marketing, customer service, and actuarial analysis.
Advantages of Life Insurance
High-net-worth families commonly use life insurance policies as a strategic tool to manage and protect their wealth. This approach serves multiple purposes:
Asset Protection
Enhancing and Amplifying Inheritance
Optimizing Tax Benefits
Ensuring a Seamless Transfer of Assets
Establishment of a Family Legacy
Consequently, policyholders can provide a substantial financial legacy to their beneficiaries, thereby multiplying their wealth, securing their lifestyle and financial stability.
