Life Insurance Quotes

Study shows significant market for life insurance

09/06/11

A recent LIMRA study cited by Insurance Networking News revealed the life insurance market currently sits on up to $17.5 trillion in potential life insurance spending, as roughly half of U.S. households are considered underinsured.

Researchers at LIMRA note that while the market presents an enormous amount of opportunity for insurers, the challenge lies in getting people to prioritize life insurance coverage.

"These consumers need to help to decide what type to buy, how much coverage they need and how life insurance can play an important role in their overall financial security," said Cheryl Retzloff, senior research director of LIMRA Markets Research.

While life insurance ownership has been on the decline since the onset of the economic downturn, low rates have sparked a recent interest in both life insurance and annuities, according to the Insurance Information Institute. With the right information, people are likely to understand and reevaluate their life insurance options, potentially reinvesting in a very beneficial form of financial stability.

According to the American Council of Life Insurers, in 2009, 57 percent of all life insurance purchased in the United States was obtained through a life insurance agent. Given the positive buying environment and projected market for life insurance sales, agents will likely be busy in the coming months.

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