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Life insurance policy purchases jumped 62 percent in 2010

Posted On Mon, June 27, 2011

A new survey is indicating more people bought life insurance in 2010.

According to the Life Insurance and Market Research Association, premium sales of individual life insurance policies rose 62 percent last year.

Catherine Ho, a research actuary with LIMRA, said policy purchases were in line with 2009, which was a boom year for life insurance.

"Overall sales of combination products in 2010 were remarkable, especially coming off the double-digit growth experienced in 2009," said Ho. "Consumers growing desire for an alternative to stand-alone long term care insurance has driven sales of these products. For some buyers, combination products are a more affordable alternative to stand-alone [life insurance]."

While LIMRA says life insurance policies were up in 2010, a recent report from the Nebraska newspaper the Omaha World-Herald says policy purchases have been down historically speaking in the Midwest. For instance, compared to 2004, the paper reports Nebraskans have bought 85,000 fewer life insurance policies, according to state insurance department records.

Byron Udell, CEO and founder of the online insurance seller Accuquote, told the paper he believes sales are down because there are fewer life insurance agents selling policies.

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