Life Insurance Statistics, Data And Industry Trends 2024

Cassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first became interested in personal finance after paying of.

Cassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first became interested in personal finance after paying of.

Cassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first became interested in personal finance after paying of.

Cassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first became interested in personal finance after paying of.

Kelly Anne has over six years of experience with reporting and editing in the personal finance space. Her work has been featured in national publications including Reader's Digest, CNBC and Forbes. She has a background in business education and a mas.

Kelly Anne has over six years of experience with reporting and editing in the personal finance space. Her work has been featured in national publications including Reader's Digest, CNBC and Forbes. She has a background in business education and a mas.

Kelly Anne has over six years of experience with reporting and editing in the personal finance space. Her work has been featured in national publications including Reader's Digest, CNBC and Forbes. She has a background in business education and a mas.

Kelly Anne has over six years of experience with reporting and editing in the personal finance space. Her work has been featured in national publications including Reader's Digest, CNBC and Forbes. She has a background in business education and a mas.

Patricia Louis is a recent graduate of the University of Delaware Lerner College of Business and Economics. She has written for the Philadelphia Wings NLL team and worked in media relations for the Philadelphia Flyers NHL team. Currently, she serves.

Patricia Louis is a recent graduate of the University of Delaware Lerner College of Business and Economics. She has written for the Philadelphia Wings NLL team and worked in media relations for the Philadelphia Flyers NHL team. Currently, she serves.

Patricia Louis is a recent graduate of the University of Delaware Lerner College of Business and Economics. She has written for the Philadelphia Wings NLL team and worked in media relations for the Philadelphia Flyers NHL team. Currently, she serves.

Patricia Louis is a recent graduate of the University of Delaware Lerner College of Business and Economics. She has written for the Philadelphia Wings NLL team and worked in media relations for the Philadelphia Flyers NHL team. Currently, she serves.

Updated: Jan 3, 2024, 10:22am

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

Getty Creative

Life insurance can protect your loved ones financially if you’re no longer there to provide for them. The death benefit can be used for almost anything, such as replacing your income, covering outstanding debts, paying for final expenses or providing a tax-free inheritance to your beneficiaries.

But there are many misconceptions about the cost of life insurance and how it works. These misconceptions may have prevented families from getting the coverage they need.

To help you better understand the ins and outs of life insurance, Forbes Advisor conducted in-depth research on current life insurance statistics and facts.

Key Life Insurance Statistics

A large number of Americans rely on life insurance for financial protection. But a substantial portion lacks sufficient coverage or perceives it as too expensive—often due to misinformation about the actual cost.

Nearly 1 Billion American Families Depend on Life Insurance for Financial and Retirement Security

• About 90 million American families rely on life insurance for economic protection, including financial and retirement security. [ ]

41% of Adults Report not Having Sufficient Life Insurance Coverage

• It’s estimated that 106 million of both insured and uninsured Americans feel their coverage is inadequate. [ ]
• 44% of American households would encounter significant financial difficulties within six months if they lost the primary wage earner in their family, and 28% would reach this point in one month or less. [ ]

Over Half (52%) of Americans Said They Don’t Have Life Insurance Because It’s Too Expensive

• 82% of Americans overestimate the cost of a policy, with the largest majority incorrectly guessing the cost to be three times as high (28.4%). [ ]
• Americans with life insurance feel more financially secure than those without (68% compared to 47%). LIMRA reports that those with multiple sources of life insurance (employer-based and individual plans) report feeling the most financially secure (78%). [ ]

Americans are Unaware That Health History, Age and Other Factors Affect Life Insurance Quotes

Based on a Forbes Advisor survey, there is confusion around what factors determine life insurance costs, and whether disclosing certain lifestyle information will lead to higher rates.

• Less than half of respondents knew that health history and age are considered when determining a life insurance quote. [ ]
• Nearly three-fifths (59%) of respondents said they’d have reservations about applying for life insurance if they legally use marijuana, and 56% said they would lie about their usage to avoid higher costs. [ ] Marijuana use may affect how much you pay for life insurance, or whether you can qualify for at all.

What Percentage of Americans Have Life Insurance?

While there’s been a small uptick recently in policy ownership, the overall trend since 2011 indicates that fewer Americans now have life insurance coverage.

Just Over Half of Americans Have Life Insurance

• 52% of Americans report owning life insurance in 2023, including both individual and workplace life insurance, according to LIMRA. [ ]
• This percentage is up 2 percentage points from 2022, but down 11 percentage points from 2011. [ ]

Life Insurance Ownership by Gender

Women trail behind men when it comes to life insurance ownership and knowledge.

Women are Less Likely to Have Life Insurance Than Men

• For the fifth consecutive year, women are 11 percentage points below men in life insurance ownership rates, with 47% of women reporting they have life insurance compared to 58% of men. [ ]
• Life insurance ownership by women is on the decline. The number of women with life insurance policies has decreased for the past five years in a row. [ ]
• In 2020, 36% of women who lost their life insurance coverage cited losing their jobs unexpectedly as the reason. [ ]
• Survey data from LIMRA indicates about a third of American women planned to buy life insurance within the next year, compared to 42% of men. [ ]

Men Are More Likely to Report Being Knowledgeable About Life Insurance

• About four in 10 men (39%) describe themselves as being very knowledgeable about life insurance. For women, this figure is about two in 10 (22%). [ ]
• Men are less likely than women to cite paying for burial expenses as a major reason for having life insurance. [ ]
• Men are more likely than women to view life insurance as a supplement for retirement income. [ ]

Life Insurance Ownership by Race and Ethnicity

The number of people with life insurance varies greatly across different racial, ethnic and generational groups. The primary reasons why these groups buy life insurance differ.

Only 45% Of Hispanic Americans Have Life Insurance, Lower Than Any Other Racial Or Ethnic Group

• Black and white Americans average nearly 10 percentage points higher in life insurance ownership rates than Hispanic Americans. [ ]

56% of Black Americans own a life insurance policy

• Among insured Americans, Black individuals (66%) are more likely to cite covering burial costs and other final expenses as their main reason for buying life insurance than the overall population (48%). [ ]
• Black respondents were nearly three times more likely to cite building generation wealth as a benefit of life insurance than white respondents (22% compared to 8%). [ ]
• More white (64%) than Black (37%) survey respondents cite wanting to shield their families from unpaid debt as the purpose of life insurance. [ ]

Life Insurance Ownership by Age

Younger age groups feel a greater sense of urgency to purchase life insurance than their older counterparts, despite life insurance for seniors being available.

40% Of Gen Zers And 48% Of Millennials Report Having Life Insurance

• The intent to buy life insurance is higher among Gen Z (44%) and millennials (50%) than other generations . [ ]

How Much Does Life Insurance Cost?

Many people don't have a life insurance policy, or lack the coverage they need, because they assume it’s way more expensive than it actually is.

The Average Cost of Life Insurance is about $20/Month

• The average cost of a representative term life insurance policy is about $20/month (based on a 10-year, $500,000 term life insurance policy for a healthy, 40-year-old male buyer). [ ]
• About five in 10 Americans report not having any life insurance or lacking sufficient coverage. [ ]

Term Life Insurance Policies are Usually the Most Affordable

• Only 3% of Americans correctly guessed the cost of a 10-year, $500,000 term life insurance policy for a healthy, 40-year-old buyer. The largest percentage of respondents (28.4%) thought the cost was at least three times as high, and 20% guessed it was quadruple the cost. [ ]

Life Insurance is Generally Cheaper for Women Than Men

• Life insurance cost is dependent on several factors, including gender, age, height and weight, health history, nicotine and/or marijuana use, driving record, credit and criminal history and other factors. [ ]

What Factors Are Considered When Determining a Life Insurance Quote?

Companies consider your age, criminal history, driving record, gender, finances, health, occupation, hobbies and nicotine/marijuana usage when giving life insurance quotes. [ ] They don’t consider other factors such as household income, how many children you have and how many other life insurance policies you already have. [ ]

More Than Half of Americans Believe Risky Drivers and Extreme Hobbyists Should Pay More for Life Insurance

• Nearly six in 10 people (56%) believe it’s reasonable for risky drivers to pay higher premiums. [ ]
• More than half of Americans (51%) believe that hobbies perceived to be dangerous, like skydiving, should lead to higher life insurance premiums. [ ]

15% Of Americans Strongly Believe Those Who Are Not Vaccinated For Covid-19 Should Pay Higher Premiums

• However, more than two-fifths (44%) of respondents disagree that unvaccinated people should pay more. [ ]

Marijuana Usage and Life Insurance Quotes

• Nearly three-fifths (59%) of respondents to a Forbes Advisor survey on marijuana and life insurance indicated they’d have reservations about applying for life insurance if they legally used marijuana. [ ]
• More than half (56%) of respondents indicated they would not respond honestly to questions about marijuana use to sidestep higher life insurance quotes. [ ]

The Majority of Americans Believe Having Poor Credit, Using Marijuana and Having a Criminal History Should Not Lead to Higher Life Insurance Quotes

• 70% of Americans believe having poor credit should not create higher life insurance premiums. [ ]
• Nearly six in 10 believe regular users of marijuana should not have to pay higher premiums as a result. [ ]
• Less than a quarter of respondents believe that criminal history of felonies should play a role in quoting life insurance. [ ]

What Types of Deaths are Covered by Life Insurance?

A common misconception is that life insurance doesn’t cover deaths related to illnesses, including Covid-19.

Almost All Types of Death are Covered With Life Insurance Policies

• Suicide that occurs within the first two years of the policy is the only outlier that life insurance policies typically do not cover. [ ]
• Life insurance policies cover death from accidents (including car accidents), death from illnesses (including Covid-19, heart attack or disease, death from old age, death from accidental drug overdoses, homicides and death in another country. [ ]

How Much Do Life Insurance Policies Pay Out?

Life insurance claims statistics show that payouts can range from a few thousand dollars to several million dollars, depending on the type of life insurance you choose.

On Average, Life Insurance Policy Payouts Range Between $250,000 to $1 million

• The payout varies on the type of policy, coverage amount and insurance provider. [ ]
• A life insurance policy can have a payout reach several million dollars, depending on the type of policy and premium cost. [ ]

The Sum of Life/Annuity Insurance Benefits And Claims in 2022 was $797.7 Billion

• With $89.7 billion of that being annuity benefits (annuities provide a steady stream of income for one’s lifetime), and $88.8 billion being death benefit payouts. [ ]
• In 2022, the largest payout was $348.1 billion (for surrender benefits and withdrawals from life insurance contracts made to policyholders who terminated their policies early or withdrew cash). [ ]

The Smallest Amount of a Life Insurance Payout is Typically Around $5,000 to $10,000

• These policies can often have specific purposes, such as covering funeral expenses or burial costs. [ ]
• The 2022 payout of annuity/life insurance benefits follows an industry shift from traditional life insurance towards annuities. In 2022, annuities accounted for 48% of life/annuity premiums written. [ ]

Life Insurance Policies Typically Pay Out 30 to 60 Days After a Claim is Filed

• This may vary on policy terms, cause of death, claim filing timeliness and insurance company procedures. [ ]

What Can You Spend a Life Insurance Payout On?

Life insurance payouts don’t generally come with spending rules. You can use the money for anything you want.

A Life Insurance Payout Can Be Used on Anything the Beneficiary Desires

• From paying for funeral expenses and covering final medical bills to paying off a mortgage or going on a lavish vacation, how a life insurance payout is spent is up to the beneficiary's discretion. [ ]
• In a Forbes Advisor survey, Americans were confused about what they could spend a life insurance payout on, with only 50.5% of respondents believing they could use the funds for funeral/burial expenses. [ ]
• Additionally, less than half (45.7%), believed they could use the funds for recreational purposes, such as season baseball tickets. [ ]

The Majority of Americans Worry That Their Family Would Struggle to Pay Bills if They Died

• 66% of parents say they’re concerned about their family’s ability to pay regular monthly expenses if they pass away. [ ]
• More than half (60%) of those we surveyed say they are concerned about their level of debt. [ ]

25% Of Americans say They Have No Emergency Savings

• 40% of respondents say they have savings that would cover up to three months of expenses. [ ]

Who Qualifies as a Life Insurance Beneficiary?

You can pick almost anyone to get your death benefit when you pass away—but life insurance statistics show there’s a lot of confusion about this.

A life insurance beneficiary is a person or entity chosen by you to receive the benefits from your life insurance policy when you die. [ ]

Anyone Can be a Life Insurance Beneficiary, Except Pets

• This includes family members, friends, charitable organizations, children, guardians of your children, trusts, etc. [ ]
• In a Forbes Advisor survey, respondents showed confusion about who could be a beneficiary, with only 58% believing a spouse could be listed as a beneficiary, and only 18% believing a charity could be listed as a beneficiary. [ ]
• In the same survey, 12% incorrectly guessed that a pet could be listed as a beneficiary. [ ]

The Policyholder Can Choose More Than One Beneficiary and The Percent Percent of the Death Benefit Each Receives

• Some states require you to name your spouse as your primary beneficiary, with 50% of the benefit going to them. These states include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. [ ]

Get Forbes Advisor’s ratings of the best insurance companies and helpful information on how to find the best travel, auto, home, health, life, pet, and small business coverage for your needs.

This form is protected by reCAPTCHA Enterprise and the Google Privacy Policyand Terms of Serviceapply.

By providing my email I agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services. Please see our Privacy Policy for more information and details on how to opt out.

Covid-19 and Life Insurance

The pandemic has changed how Americans think about life insurance. Many people now feel a bigger push to get affordable life insurance.

The Pandemic Made American Consumers Consider Life Insurance More Seriously

• About 30% of respondents indicated the pandemic made them more likely to buy life insurance. [ ]
• About 60% reported a “heightened awareness” of the value a life insurance might provide. [ ]
• Just under half (42%) of respondents who contracted Covid-19 now say they are more likely to purchase life insurance as a result. [ ]

The Pandemic Motivated Black Americans, Millennials, Men and Those Making $150,000+/Year to Buy Life Insurance

• Millennials (45%), Black Americans (38%), men (33%) and those making more than $150,000 per year (42%) were the demographics in which the pandemic was the biggest motivator for buying life insurance. [ ]

More Than a Third (37%) of Americans are Unsure or Do Not Know Life Insurance Covers Death From Covid-19

• 63% of survey respondents correctly believe life insurance will pay to cover a Covid-caused or Covid-related death. Some respondents (12%) incorrectly believe insurers can deny claims if they are for a Covid-related death. [ ]
• The increase in life insurance claims resulting from the pandemic has not substantially impacted the bottom line for life insurers, yet 20% of survey respondents believe life insurance companies are struggling financially due to the impacts of Covid-19. [ ]

What is The Difference Between Term and Whole Life Insurance?

Both term life insurance and whole life insurance pay a death benefit to your beneficiaries. But term life is usually cheaper, while whole life comes with more features.

Term Life Insurance Policies

• Term life insurance policies are generally the cheapest option. [ ]
• The annual monthly price for a term life insurance policy doesn’t change throughout your coverage period (10, 20, 30 years, etc.). You can usually renew your term policy once it ends, however, your new premiums can be more expensive. [ ]
• You don’t build cash value with term life insurance policies, meaning you cannot withdraw any funds you’ve contributed to this policy at any time. ​​ [ ]
• The percentage of Americans who have term life insurance decreased to 48% in 2019 from 52% in 1998. But the median face value of these policies rose to $110,000 from $60,000 during the same period. [ ]

Whole Life Insurance Policies

• Whole life insurance policies are significantly more expensive than term policies. [ ]
• A whole life insurance policy also has fixed monthly premium pricing, however, you can build cash value with whole life insurance policies that can be withdrawn while the policy is active. [ ]
• Whole life insurance policies cover you for your lifetime, as long as you continue to make payments. [ ]
• Both term and whole life insurance policies provide a guaranteed death benefit, however, the death benefit could be reduced in a whole life insurance policy if you withdrew cash value while the policy was active. [ ]
• The percentage of Americans who have cash-value life insurance policies dropped to 20% in 2019 from 30% in 1998. At the same time, the median face value of these policies increased from $45,000 to $50,000. [ ]

Life Insurance Market

The life insurance industry is a huge part of the American economy—and it continues to grow year over year.

How Much is the Life Insurance Industry Worth?

• Insurance is a trillion-dollar industry in the United States ($1.4 trillion in 2021), and the life insurance sector is one of its largest and most important components. [ ]

Life Insurance And Annuities Were Responsible For Nearly Half (47%) Of The American Insurance Industry’s Net Premiums In 2021

• Life insurance net premiums surpassed $635.8 billion in 2021. [ ]
• Revenues taken in from life insurance premiums are on the rise overall (up 3.5% from 2021 to 2022), however, annuity premiums and deposits were up 20% from 2021 to 2022. [ ]

Life Insurance Buying Statistics

The statistics are clear—the more you know about life insurance, the more likely you are to sign up and have the right amount of coverage. Use a life insurance calculator to estimate your needs.

Americans Who Feel Knowledgeable About Life Insurance are More Likely to Enroll Than Those Who Aren’t

• Three in 10 Americans (31%) of Americans report feeling ‘extremely’ knowledgeable about life insurance. [ ]
• Research shows that those with more knowledge about life insurance are more likely to have adequate coverage. [ ]
• About three-fifths of Americans believe life insurance coverage is only for burial and final expenses, however, a life insurance benefit can be used to supplement lost income, or for whatever the beneficiary chooses. [ ]

It’s Estimated That More Than 100 Million Americans are Either Underinsured or Uninsured

• Simplified underwriting, or simplified issue life insurance, allows Americans to get approved for a policy more quickly and easily (for one, it forgoes a medical exam) but carries certain drawbacks as well. Roughly half of Americans would be more likely to seek life insurance coverage if simplified underwriting were used. [ ]
• Among the younger generations, members of Generation X are more likely (52%) to consider simplified issue life insurance than age groups (47%). [ ]

What Types of Life Insurance Do Americans Buy?

You can usually get life insurance on your own or through an employer.

Individual Life Insurance Policies Are the Most Common

• 64% of all life insurance policies in the U.S. are individual plans, which include both term and whole life insurance policies. [ ]
• Term policies accounted for 40% of individual life insurance policies purchased in 2021. [ ]
• Whole life insurance policies accounted for 60% of individual life insurance policies in 2021. [ ]
• Although whole life insurance policies were purchased more commonly than term policies, term policies accounted for 71% of the individual life face amount (the amount of money the insurer agreed to pay the beneficiaries if the insured passes away) while whole life insurance policies accounted for 29%. [ ]
• Individual life insurance policies totaled $13.6 trillion in 2021, a 2.1% average annual growth rate since 2011. [ ]

Many Americans Rely on Employer's Group Life Insurance Coverage

Many employers offer group life insurance as a workplace perk at a low-or no-cost to employees. [ ] But group life insurance is called supplemental life insurance for a reason. The coverage is usually limited to an amount predetermined by the employer—such as one year’s salary—and is usually only active if you stay with the company. [ ]

Relying solely on workplace life insurance may leave you underinsured. You could also risk losing your policy if you leave your job. Instead, buy an individual life insurance policy with a death benefit and length of time that best fits your needs.

Inheritance and Lost Income are the Top Reasons for Buying Individual Life Insurance

There are many reasons you may decide to buy an individual life insurance policy, even if you’re covered under an employer's group life insurance policy. Based on a Forbes Advisor survey:

• Nearly half of respondents (44%) say they have purchased life insurance outside of their employer’s policy. Of those who did so, 46% say they did it to provide an inheritance. [ ]
• Nearly one-third (29%) want life insurance to replace lost income for their beneficiaries. [ ]

Why Don’t Some Americans Purchase Life Insurance?

Despite the many benefits of life insurance, there are still several reasons people hold back from purchasing a policy.

Americans Cite Cost, Other Financial Priorities and Confusion as Reasons to Not Purchase Life Insurance

• 42% of Americans report not purchasing life insurance because it’s too expensive. [ ]
• 28% of Americans report not purchasing life insurance due to other financial priorities. [ ]
• 23% of Americans report not purchasing life insurance because they are unsure of their needs. [ ]

82% of Americans Overestimate the Cost of Life Insurance

• 82% of consumers think the cost of coverage is three times more than it is. [ ]
• A quarter (26%) of Americans believe life insurance through their employer is sufficient, while the average payout sum is $20,000, or one year’s salary. [ ]
• Not purchasing the proper amount of life insurance can lead to significant financial hardship for families, especially for the 54% of American households that rely on dual incomes. [ ]
• 44% of families would face financial hardship within six months of losing a household member’s income, while 25% would struggle after just one month. [ ]

Black Americans, in Particular, Commonly Report Life Insurance Being too Expensive

• LIMRA reports that Black Americans are more likely to overestimate the cost of life insurance than the general population. [ ]
• The median coverage amount for white Americans with life insurance ($150,000) is three times higher than that of Black Americans ($50,000). [ ]

Compare Life Insurance Companies

Compare Policies With 8 Leading Insurers

Disclosures

• American Council of Life Insurers
• LIMRA
• Forbes Advisor Survey, August 2023
• Forbes Advisor Survey, April 2022
• Haven Life
• Forbes Advisor: Average Cost Of Life Insurance In February 2024
• Forbes Advisor Survey, June 2022
• Forbes Advisory: 10 Factors Affecting Life Insurance Rates
• Forbes Advisor: 82% of Americans Overestimate The Cost Of Life Insurance
• Forbes Advisor: How Does Life Insurance Work?
• Annuity Expert
• Insurance Information Institute
• Forbes Advisor Survey, January 2023
• Forbes Advisor: What Is A Life Insurance Beneficiary?
• Forbes Advisor: Term vs. Whole Life Insurance: What’s The Difference?
• Stratus
• Forbes Advisor: Group Life Insurance Policy: Defined And Explained

Was this article helpful?

• Best Life Insurance
• Best Cheap Life Insurance
• Best Term Life Insurance
• Best No-Exam Life Insurance
• Best Senior Life Insurance
• Compare Life Insurance Quotes

• The Most Expensive States To Die In, Ranked
• States With The Least Healthy Populations, Ranked
• States With The Most And Least E-Cigarette Use

• Average Cost Of Life Insurance
• How Does Life Insurance Work?
• Life Insurance Calculator
• Is Life Insurance Worth It?
• Long-Term Care Insurance Cost
• How To Cash Out Life Insurance
• More in Life Insurance

• $1 Million Life Insurance Policy
• $500,000 Life Insurance Policy
• $250,000 Life Insurance Policy
• $100,000 Life Insurance Policy Cost

• 10-Year Term Life Insurance
• 20-Year Term Life Insurance
• 30-Year Term Life Insurance

Next Up In Travel Insurance

• Best Long-Term Care Insurance
• Best Burial Insurance
• Best Whole Life Insurance
• Life Insurance Statistics 2024
• Most Expensive States To Die In, Ranked
• 82% of Americans Overestimate Life Insurance Costs

More from

Guardian Life Insurance Review 2024

Allstate Life Insurance Review 2024

Decreasing Term Life Insurance Explained

By Lena Borrelli

Best Life Insurance Companies In New York Of 2024

By Ashlee Valentine

4 Best Instant Life Insurance Companies Of 2024

By Amy Danise

10 Best Life Insurance Companies of September 2024

By Amy Danise

Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.

Cassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first became interested in personal finance after paying off $18,000 in debt within 10 months of graduating college. She later went on to triple her salary in two years by ditching her 8-to-5 job to write for a living.

Kelly Anne has over six years of experience with reporting and editing in the personal finance space. Her work has been featured in national publications including Reader's Digest, CNBC and Forbes. She has a background in business education and a master's degree in international communication studies.

© 2024 Forbes Media LLC. All Rights Reserved.

The Forbes Advisor editorial team is independent and objective. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. This compensation comes from two main sources. First, we provide paid placements to advertisers to present their offers. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. This site does not include all companies or products available within the market. Second, we also include links to advertisers’ offers in some of our articles; these “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Here is a list of our partners who offer products that we have affiliate links for.