Despite Attractive Life Insurance Rates - Policy Ownership Lowest in Decades
Recent industry reports indicate that life insurance rates are the lowest and most attractive that they have been in a long time. Yet despite this statistic, life insurance policy ownership is less then it has been in decades.
The Trends in Life Insurance Ownership study, which is conducted about every six years by the insurance industry "Think Tank" - LIMRA, reported that only 44 percent of U.S. households have an individual life insurance policy.
The study also reported that the number of US households that have any kind of life insurance policy at all (individual or employer based group life insurance) is increasing. According to LIMRA nearly 35 million households or 30%, have absolutely no life insurance coverage whatsoever. In 2004 that number was only 22%.
Perhaps even more disturbing was the result of the study that indicated that of households with children under the age of 18 - who probably have the greatest need for parents with life insurance -11 million do not have any coverage. This all is going on despite a poor economy that has left more Americans out of work, and with little to fall back on in the case of financial crisis.
LIMRA believes that the statistics are a reflection of more Americans living paycheck to paycheck. They believe that they have more important priorities than life insurance. It is a grim picture that is not entirely true. Life insurance rates, especially term life insurance rates, for young healthy individuals are lower and more affordable than ever. Even families on a tight budget should not overlook the value and piece of mind that life insurance can bring. LIMRA urges people who are going without life insurance to reconsider, and think about who would take care of their families in the case of their untimely death?
At today's life insurance rates, a $250,000.00 Term life insurance policy for a 30 year-old non-smoking male could cost as little as $25.00 per month. That's less than the price you pay for a Latte everyday - wouldn't you rather make a pot of coffee at home, and put that towards the security of your loved ones?
You can get a Free Quote on Term Life, or compare any kind of life insurance rates, here at lifeinsurance.org.
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