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Experts says rough economy not a good reason to put off life insurance purchase

Posted On Tue, April 5, 2011

While the economy appears to be showing signs of recovery, many Americans are still cutting back where they can to save money. But life insurance experts say dropping or putting off a policy purchase is a bad idea.

Industry experts tell USA Today that the unpredictability of life's circumstances is reason enough to buy life insurance, no matter what a person's age is. This is something that 24-year-old Jacques Laventure learned after overhearing a conversation his brother was having with a broker.

"That enlightened me about how business persons can use it as a tax shelter," Laventure told the paper.

While there are several types of life insurance available, USA Today reports cash-strapped Americans should consider buying term life insurance as rates have been dropping for several decades now. Byron Udell of Accuquote told the paper that young people in particular are good candidates for term life insurance because of its affordability.

Despite declining rates over the past few years, however, consumer studies conducted by LIMRA indicate twice as many life insurance policies were issued in the 1980s compared to today.

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