The stats are well-known: Less than 60 percent of the United States population has life insurance.
Most consumers think they need more coverage, but don't think they can afford it. In part, this is because the cost of life insurance is not widely understood: 80 percent of consumers misjudge the expense associated with term life insurance.
Despite these challenges, revenue from life insurance premiums is on the rise. In 2014, the most recent year for which SNL Financial has complete published data, revenue from life insurance premiums in the U.S. totaled $133.8 billion, a 6.2 percent increase over the prior year.
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Total premium revenue across all product lines — life insurance, annuity, accident and health insurance — grew by 15.1 percent, to $647.3 billion.
So where is the most life insurance sold?
Our list looks at the 10 states that post the biggest premium numbers.
Rankings are sorted by life insurance premiums, but we've also included numbers for annuities, accident and health insurance premiums, deposit-type contract funds and other considerations, to give a full picture of the industry revenue generated by each state.
Editor's Note: All data is from SNL Financial, and includes direct premiums written before reinsurance transactions. It excludes state funds.
10. North Carolina
Life insurance premiums: $4.235 billion
Annuity considerations: $6.924 billion
Accident and health insurance premiums: $5.142 billion
Deposit-type contract funds: $1.273 billion
Other considerations: $2.437 billion
Total: $20.011 billion
9. Georgia
Life insurance premiums: $4.296 billion
Annuity considerations: $5.296 billion
Accident and health insurance premiums: $4.748 billion
Deposit-type contract funds: $572 million
Other considerations: 2.653 billion
Total: $17.564 billion
8. Ohio
Life insurance premiums: $4.856 billion
Annuity considerations: $10.022 billion
Accident and health insurance premiums: $6.373 billion
Deposit-type contract funds: $3.890 billion
Other considerations: $1.879 billion
Total: $27.020 billion
7. Pennsylvania
Life insurance premiums: $6.256 billion
Annuity considerations: $12.695 billion
Accident and health insurance premiums: $5.979 billion
Deposit-type contract funds: $2.987 billion
Other considerations: $5.924 billion
Total: $33.842 billion
6. New Jersey
Life insurance premiums: $6.261 billion
Annuity considerations: $11.568 billion
Accident and health insurance premiums: $6.533 billion
Deposit-type contract funds: $1.401 billion
Other considerations: $2.567 billion
Total: $28.330 billion
5. Illinois
Life insurance premiums: $6.519 billion
Annuity considerations: $10.325 billion
Accident and health insurance premiums: $6.416 billion
Deposit-type contract funds: $1.277 billion
Other considerations: $2.447 billion
Total: $26.985 billion
4. Florida
Life insurance premiums: $8.421 billion
Annuity considerations: $18.135 billion
Accident and health insurance premiums: $11.786 billion
Deposit-type contract funds: $1.064 billion
Other considerations: $3.739 billion
Total: $43.144 billion
3. Texas
Life insurance premiums: $10.665 billion
Annuity considerations: $15.873 billion
Accident and health insurance premiums: $14.507 billion
Deposit-type contract funds: $2.179 billion
Other considerations: $2.794 billion
Total: $46.009 billion
2. New York
Life insurance premiums: $11.262 billion
Annuity considerations: $17.382 billion
Accident and health insurance premiums: $8.496 billion
Deposit-type contract funds: $24.152 billion
Other considerations: $9.491 billion
Total: $70.783 billion
1. California
Life insurance premiums: $15.113 billion
Annuity considerations: $23.141 billion
Accident and health insurance premiums: $13.893 billion
Deposit-type contract funds: $2.093 billion
Other considerations: $7.324 billion
Total: $61.564 billion
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