The US life insurance industry has been in decline for decades, with a significant drop in ownership among middle-class Americans. According to a 2024 study by LIMRA, an industry trade group, life insurance ownership has decreased from 72% in 1976 to 51% in 2024. Jake Tamarkin, CEO of Everyday Life Insurance, attributes this trend to traditional agents focusing on wealthier clients, leaving middle-class families under-protected.
“One key reason fueling this trend is that it is 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.” This has resulted in a record 102 million American adults acknowledging they are under-protected, leaving their families financially vulnerable.
The Decline of Life Insurance Among Middle-Class Families
The decline in life insurance ownership among middle-income families began around 50 years ago when companies shifted away from door-to-door sales. “This decline didn’t happen overnight,” Tamarkin notes. “Unfortunately, this method was never replaced with another substantial outreach model.” Middle-class families, often juggling mortgages, childcare, and caring for aging parents, are particularly financially vulnerable.
A New Approach to Life Insurance
Everyday Life Insurance is creating a new model to serve the middle market, focusing on accessibility, transparency, and convenience. The platform uses AI to help customers find customized insurance policies. “Everything is accessible 24/7 on their phones without the need for appointments or aggressive sales tactics,” Tamarkin explains. The self-service model allows users to receive coverage recommendations without meeting an agent, although human support is available for those who prefer it.
Making Life Insurance Affordable and Accessible
Everyday Life Insurance aims to eliminate the misconception that life insurance is expensive and unaffordable for the middle class. By operating as an independent platform, the company can offer affordable and high-value policies. “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 a selection of what we believe are the best insurers so you can choose the plan that best fits your needs.”
The company’s transparent approach has earned trust across the US, with a high rating of reviews. Tamarkin believes their success demonstrates that life insurance can be delivered ethically, efficiently, and affordably. “Our mission is to make life insurance accessible again for everyone who needs it,” he concludes.
