The first ever life insurance company in the United States was the Presbyterian Ministers Fund. Established in 1759 in Philadelphia, it was specifically created to assist Presbyterian widows and orphans. The industry has since grown and as of 2021, more than half of adults in the United States owned health insurance. With a total revenue of over 945 billion U.S. dollars in 2021 alone in the life/annuities industry, the life insurance industry in the United States provides employment for over 360,000 individuals throughout the U.S., as of 2020.
If no one depends upon you for financial support or you have adequate financial resources, buying life insurance may not be worthwhile. But if your death would create a financial burden for those you leave behind or you wish to leave money for final expenses, life insurance may be worth considering.