21 Mix Subject Quiz – Best Life Insurance Companies of 2022

Mix Subject Quiz

In the U.S., life insurance is a big business. How big? Americans purchased about $3.3 trillion of new life insurance coverage in 2020, according to the American Council of Life Insurers (ACLI). That brings the total amount of life insurance coverage in the U.S. to about $20.4 trillion, based on ACLI data, and there are nearly 750 life insurance companies in operation domestically.

For more information, visit our guide to the Best Life Insurance Companies of 2022.

What Is Life Insurance?

Life insurance policies are designed to provide financial support to designated family members or loved ones, called beneficiaries, in the event of the insured person’s death. This payout, known as a death benefit, can be used to meet financial obligations (e.g., mortgage payments or college tuition), cover funeral and related expenses, or make up for lost income. Some policy types accumulate cash value that can be borrowed against or withdrawn under certain circumstances while the insured person is still alive.