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Genworth examines ways to improve life insurance

Posted On Thu, September 29, 2011

Due to a lack of enrollment in life insurance policies across the nation, a study by Genworth recently examined how to fix this and increase overall sign-ups.

Nearly 50 percent of American households earning from $50,000 to $250,000 do not have a life insurance plan. The families that do have such a plan have something that covers less than four years total, the release noted. With so many people changing their financial plans over the past few years, the priority to examine life insurance rates and select a plan has been lowered. Others have just put it off in favor of other large investments.

"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.

It may be vital to have a life insurance plan, as this could ensure that a family is financially covered in case tragedy strikes.

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