The Declining Face of Life Insurance in America
A growing crisis has been unfolding in the US life insurance industry over the past few decades. According to a 2024 study by LIMRA, an industry trade group, life insurance ownership has dropped significantly from 72% in 1976 to 51% in 2024, particularly affecting middle-class families. This decline has left a staggering 102 million American adults under-protected, exposing their families to financial ruin in case of unexpected tragedy.
Jake Tamarkin, CEO of Everyday Life Insurance, attributes this trend to the industry’s shift away from serving middle-class clients. “It’s simply more profitable for traditional agents to focus on wealthy clients,” Tamarkin explains. “Consequently, the industry has moved away from serving those who need life insurance the most.” The decline began about 50 years ago when companies abandoned door-to-door sales without replacing it with an effective outreach model.
Middle-class families, often part of the “sandwich generation,” juggling mortgages, childcare, and caring for aging parents, are particularly vulnerable. Life insurance acts as a crucial safety net for these families, yet they are the least likely to have coverage. “When you’re balancing the care of kids and parents simultaneously, the financial impact of losing income can be devastating across generations,” Tamarkin emphasizes.
In response to this crisis, Everyday Life Insurance is pioneering a new model focused on accessibility, transparency, and convenience for the middle market. Their AI-powered platform helps customers find customized insurance policies 24/7 without needing appointments or aggressive sales tactics. While offering a self-service model, human support remains available for those who prefer it.
The company is challenging the misconception that life insurance is unaffordable for middle-class families. Tamarkin notes that commission-driven agents often guide customers towards costly products. In contrast, Everyday Life Insurance operates independently, offering affordable and high-value policies from a selection of top insurers.
“There’s no law that says an agent has to sell you the cheapest policy, and often, they won’t,” Tamarkin states. “We provide access to what we believe are the best insurers so you can choose the plan that best fits your needs.” This transparent approach has earned the company high ratings and trust across the US.
Everyday Life Insurance’s mission is to make life insurance accessible again for those who need it most. “We’re not here to build portfolios for the top 1%. Our goal is to help families navigate their worst moments,” Tamarkin concludes. “That is the kind of life insurance that matters, and we are restoring it for the people who need it the most.”
