Top Reasons to Own Life Insurance
September 15, 2026
Although life insurance has traditionally been seen as a way to help replace household income after the death of a breadwinner, that’s not the only purpose it serves. When a survey asked consumers why they owned life insurance, these were the top five responses they gave.
Cover burial and final expenses: 60%
Transfer wealth or leave an inheritance: 42%
Help replace lost wages/income of a wage earner: 26%
Pay off the mortgage: 20%
Supplement retirement income: 19%
Source: 2025 Insurance Barometer Study, Life Happens and LIMRA. The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased.
Disclaimers:
Prepared by Broadridge Advisor Solutions. © 2025 Broadridge Financial Services, Inc
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