Life Insurance Quotes

New study shows Americans lacking life insurance

09/22/11

According to a new study recently released by Genworth Financial, life insurance coverage in the United States is at its lowest point in more than 50 years.

The 2011 Genworth LifeJacket Study, 7 Key Insights to Help Close the Coverage Gap, found that nearly half of U.S. citizens with incomes between $50,000 and $250,000 do not have a policy in place and those who do only have enough coverage for 3.6 years of income.

“While the industry has done an excellent job of offering products that meet the consumer needs, we now have the deep insight needed to bridge the coverage gap and bring consumers to the table – creating a more effective way of doing business,” said Anthony Vossenberg, senior vice president of Life and Annuities at Genworth.

Vossenberg added that the study provides agents and other professionals with the tools to educate and motivate consumers on the importance of an adequate life insurance policy. According to the company's website, there are a number of factors to decide before buying a life insurance policy. Mortgage payments, children's college tuition, retirement benefits and business expenses are just a few considerations to make when buying a policy. 

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