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Life insurance company sees 38 percent rise in policy purchases

Posted On Fri, March 11, 2011

More Americans bought life insurance last year.

According to 2010 figures released by New York Life Insurance, the company had record sales in life insurance policies last year. Not including sales through AARP, life insurance policy purchases increased 38 percent in 2010 while the life insurance industry as a whole increased 4 percent last year.

"In the unsteady wake of the great recession, more and more Americans recognize that the cost of being exposed to undue financial risk can be enormous," said Mark Pfaff, executive vice president of New York Life Insurance. "They realize it’s crucial to make thorough and prudent financial decisions to ensure their family’s security."

The 38 percent increase was the company's largest one-year sales increase on record and was driven by sales increases in permanent insurance and term products.

While there were increases in New York Life policies, a 2010 Life Insurance Ownership Study by LIMRA finds only 44 percent of U.S. households have individual life insurance, a 50 year low. 

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