Life and other personal insurance Spending
How much American households spend on life and other personal insurance — 2024 data from the BLS Consumer Expenditure Survey
Spending Insight: Life and other personal insurance
American households spent an average of $575 on life and other personal insurance in 2024, representing 0.7% of total consumer expenditures. This marks a notable 5.3% increase from 2023 ($546), outpacing general inflation and suggesting growing consumer prioritization of this category.
Since 2020, life and other personal insurance spending has risen by 18.3% (from $486 to $575), broadly tracking with inflation-adjusted cost changes.
Income is the strongest predictor of life and other personal insurance spending: the top income quintile spends $1,339/year versus $174 for the lowest quintile — a 7.7x gap. Regionally, the West spends the most ($648/year) while the Midwest spends the least ($523/year). Use the cross-cuts below — by income, region, age, household size, and housing tenure — to see which demographic factors drive this category hardest for your situation.
Spending Trend (2020–2024)
| Year | Annual Amount |
|---|---|
| 2024 | $575 |
| 2023 | $546 |
| 2022 | $519 |
| 2021 | $473 |
| 2020 | $486 |
By Income Level (2024)
How life and other personal insurance spending varies across income quintiles
| Income Group | Annual Amount |
|---|---|
| Lowest 20% | $174 |
| Second 20% | $305 |
| Middle 20% | $435 |
| Fourth 20% | $618 |
| Highest 20% | $1,339 |
By Region (2024)
Geographic variation in life and other personal insurance spending
By Age Group (2024)
How life and other personal insurance spending changes across the lifecycle
By Household Size (2024)
| Size | Annual |
|---|---|
| 1 Person | $263 |
| 2 People | $710 |
| 3 People | $647 |
| 4 People | $676 |
| 5 or More | $850 |
By Housing Tenure (2024)
| Tenure | Annual |
|---|---|
| Homeowner (with mortgage) | $768 |
| Homeowner (no mortgage) | $940 |
| Renter | $542 |
Frequently Asked Questions
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Spending Guides
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Browse other major categories from the BLS Consumer Expenditure Survey.
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Disclaimer: This information is provided for informational purposes only and does not constitute professional advice. Data is sourced from the BLS Consumer Expenditure Survey. Consult a qualified professional before making decisions based on this data.
Read our methodology — how this data is sourced, computed, and verified.
