New national data shows 92 million U.S. adults lack adequate life insurance coverage
JEFFERSON CITY, Mo. – September is Life Insurance Awareness Month, and the Missouri Department of Commerce and Insurance (DCI) is encouraging Missourians to review their life insurance coverage and make sure it still meets their family’s needs.
New findings from the 2026 Insurance Barometer Study by the Life Insurance Marketing and Research Association (LIMRA) and Life Happens show that many Americans may not have enough life insurance. An estimated 92 million U.S. adults say they need life insurance or need more coverage.
“No family wants to think about losing a loved one, but having the right coverage in place can help ease the financial stress that comes during an already difficult time,” DCI Director Angela Nelson said. “We encourage Missourians to review their coverage and make sure their families have the protection they need.”
While the coverage gap is getting smaller, many Americans still say they need more protection for themselves and their families. The 2026 study found 52% of American adults have at least one life insurance policy, up one percentage point from 2025. The study also shows that 38% of adults say they need life insurance or more coverage, down from 42% in 2024 and 40% in 2025.
Evaluating Your Coverage Needs
Major life changes can affect how much life insurance you may need, such as getting married or divorced, having a child, buying a home, changing jobs, or having a major change in income. Even if you already have life insurance, it is a good idea to review your policy regularly.
When reviewing life insurance coverage, DCI encourages Missourians to ask themselves a few questions:
- Would my current policy help replace my income and cover my family’s everyday expenses?
- Would it help pay a mortgage or other debts?
- Are there future costs, such as a child’s education, that I want to plan for?
- Would my family have enough to cover funeral and other final expenses?
- Are the people listed to receive my policy benefits still correct?
- Does someone I trust know that I have life insurance and where to find my policy information?
Locating Unclaimed Benefits
Some families may not know that a loved one had a life insurance policy or annuity. Nationally, billions of dollars in life insurance and annuity benefits go unclaimed each year because beneficiaries are unaware they were named or cannot locate the necessary paperwork.
To combat this issue and help consumers reclaim these benefits, DCI collaborates with the National Association of Insurance Commissioners (NAIC) via the Life Insurance Policy Locator (LIPL). Since its launch in December 2016, the LIPL tool has successfully matched Missourians with $409,404,614 in life insurance policies, restoring immense financial security to families across the state.
“Losing a loved one is difficult enough without having to wonder whether a life insurance policy exists or where to find it,” Director Nelson added. “Our department is committed to helping Missourians understand their options, find the resources available to them and connect with benefits they may be owed.”
The Life Insurance Policy Locator is a free, secure online tool. It helps people search for life insurance policies and annuity contracts that belonged to a loved one who has died. Participating insurance companies search their records for possible matches at no cost to the person making the request.
Protecting Yourself Against Scams and Fraud
Life insurance can also be used to target consumers with scams. Be careful with unexpected calls, emails, text messages or social media posts claiming you are owed life insurance money. Be especially cautious if someone asks you to pay a fee or provide personal or financial information before you can receive life insurance benefits.
Before buying a policy or sharing sensitive information, make sure the insurance company and agent are licensed to do business in Missouri. Do not let anyone pressure you into making a quick decision or sending money.
For any insurance questions, Missourians can call DCI’s Insurance Consumer Hotline at 800-726-7390 or visit insurance.mo.gov/consumers.
DCI is charged with protecting Missouri consumers through oversight of the insurance industry, banks, credit unions, utilities and various professional licensees operating in the state. For more information about the department, please visit our website at dci.mo.gov.