Life Insurance Quotes

Consumers overlooking life insurance

01/05/12

Despite the economy looking to slowly make a recovery from the recent recession, some Americans are still not considering life insurance as an option to prepare for the future.

A recent survey by the National Association of Insurance Commissioners revealed that consumers are overlooking life insurance and its benefits and are unaware of the options available to them in the market.

According to the survey, 63 percent of consumers have life insurance. That number could be higher, the survey surmised, if more people knew that life insurance is an investment that could increase in cash value over time while sparing policyholders anxiety related to stock market volatility.

"When thinking about everyday finances, life insurance is not top of mind for most Americans," said Adam Hamm vice president of NAIC. "According to our survey, more than two-thirds of consumers don't know some types of life insurance include a cash value, and nearly half don't think of life insurance as an investment option."

Close to half of the respondents said they were more open to low-risk and tax-advantaged growth when investing in the current market, and 65 percent acknowledged they were unaware there was life insurance that include a dollar amount guaranteed to increase in value over time.

In 2010, U.S. households with life insurance reached its lowest percentage in 50 years, according to LIMRA but 2011 produced numbers that improved on 2010's statistics.

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