No one plans to get sick, crash their car, or have a tornado destroy their home. So, to manage the risks in our lives and protect our financial well-being, we spend trillions of dollars each year on insurance.  

According to a recent NerdWallet study, the average American spends $5,261, or 12% of their yearly income, to insure their health, home, life and vehicle. On average in the United States, we spend $1,100 for auto insurance; $2,823 health insurance; $1,034 to insure our homes; and $304 for life insurance every year.

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Jayleen R. Heft

Jayleen Heft is the digital content editor for Contact her at [email protected].