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Report: Life insurance activity up in October

12/12/11

A recent study from the University of Michigan revealed that life insurance activity is up in spite of policy rate declines and the state of the economy.

Although nearly one-third of all adults in the United States don't have any life insurance coverage at all, the study showed that life insurance activity went up 1.6 percent in October, presumably with the continuing economic downturn leading many Americans to think about how their loved ones will fare in a financially uncertain future.

While economic woes can have devastating effects on personal finances, the report showed economic contractions can actually be good for people's health, as working hours are reduced, making it easier to avoid unhealthy, stress-related behaviors.

"Working conditions are very different during expansions and recessions," said Jose Tapia Granados, study author. "During expansions, firms are very busy, and they typically demand a lot of effort from employees, who are required to work a lot of overtime, and to work at a fast pace. This can create stress, which is associated with more drinking and smoking."

The increase was noted in a report from the Medical Information Bureau, in conjunction with the North American life insurance industry, which revealed the 1.6 percent increase occurred in October and concerned individually underwritten life insurance.

When buying life insurance, consumers are urged to compare quotes online from competing companies and to know how much coverage they need. Consumers are also encouraged to purchase coverage as early as possible, as health and age are two important factors that go into how much a provider will charge for coverage.
 

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