Jake Tamarkin on Restoring Life Insurance Ownership among Middle-Class Households

The crisis in the life insurance industry has been developing over the decades. The ownership of life insurance in the US is steadily declining, particularly among the middle class. A study published by LIMRA, an industry trade group, in 2024 highlighted a significant decrease in life insurance ownership from 72% in 1976 to 51% in 2024.

The reasons behind this trend are many and complex. Jake Tamarkin, CEO of Everyday Life Insurance, explains, "One key reason fueling this trend is that it is simply more profitable for traditional agents to focus on wealthy clients. Consequently, the industry has moved away from serving those who need life insurance the most."

As a result, a record high 102 million American adults acknowledge they are under-protected, leaving their families financially vulnerable in the event of a tragedy. Tamarkin believes that the industry has not only lacked in serving the middle-class market but has systematically abandoned it.

"This decline didn't happen overnight," explains Tamarkin. "Life insurance ownership among middle-income families has been decreasing for about 50 years. The decline began when companies shifted away from door-to-door sales, which had been an effective way to connect with families. Unfortunately, this method was never replaced with another substantial outreach model."

Middle-class families often juggle between mortgages, childcare, and the care of aging parents, making them more financially vulnerable. Many of these families are in their 30s and 40s, belonging to what is known as the "sandwich generation." If something tragically happens to the breadwinner, the financial consequences can be severe for the entire family. Life insurance acts as a safety net in such situations, yet these middle-class families are the least likely to have insurance coverage.

"Ownership of life insurance is essential," says Tamarkin. "When you are balancing the care of kids and parents simultaneously, the financial impact of losing income can be devastating across generations."

Everyday Life Insurance is creating an entirely new model to serve the middle market with an increased emphasis on accessibility, transparency, and convenience. "Our platform utilizes AI to help customers find the best value insurance policies customized to their individual needs," Tamarkin explains. "Everything is accessible 24/7 on their phones without the need for appointments or aggressive sales tactics, just straightforward guidance."

Accessibility is vital for families who are balancing work and managing unpredictable schedules. Tamarkin points out that many customers are doing multiple jobs, making in-person financial consultations unrealistic. The self-service model of Everyday Life Insurance allows users to receive coverage recommendations without having to meet with an agent. However, human support is still available for those who prefer it. "We are not eliminating people from the process; we are simply giving people a choice," he states. "If they want to talk to someone, our team is readily available."

Everyday Life Insurance eliminates the misconceptions that life insurance is expensive and unaffordable for the middle-class market. In reality, many people are guided towards costly products by commission-driven insurance agents. Everyday Life Insurance operates as an independent platform that allows the company to offer the most affordable and high-value policies.

Tamarkin states, "There's no law that says an agent has to sell you the cheapest policy, and often, they won't. That's where we come in. 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 and values-based approach has earned trust across the US, boasting a high rating of reviews. Tamarkin believes that their success demonstrates how life insurance can be delivered ethically, efficiently, and affordably.

"Our mission is to make life insurance accessible again for everyone who needs it," Tamarkin concludes. "We are not here to build portfolios for the top 1%. Our goal is to help families navigate their worst moments. That is the kind of life insurance that matters, and we are restoring it for the people who need it the most."