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Life insurance still low among American citizens

Posted On Tue, August 28, 2012

According to a recent survey conducted by LIMRA, a shocking number of American citizens say they do not have life insurance at all, and even more say they do not have adequate coverage.

In 2010, LIMRA conducted a survey of American households, and concluded that 30 percent of households in the U.S. - approximately 35 million - do not have life insurance.

Now, in 2012, that number has remained exactly the same. On top of that, half of insured households claim that they are not adequately insured and need more protection.

LIMRA credits a slowly-recovering economy and increasing life insurance rates with the lag in the growth of newly-written policies. However, life insurance is not a luxury - it is a necessity.

Men and women who are the sole providers for their households should realize the benefits of protecting the value of their lives. If a woman is her family's sole provider and passes away, how will they survive without her? If she has life insurance, they will be provided with the means to carry on a similar lifestyle to the one they had before she passed.

Consumers who rely only on the life insurance provided for them by their employer may be stunting themselves, as well. Often, an employer will only provide a policy worth one or two times a person's salary. But what if the policyholder's family then has a mortgage or other debt to pay off?

In order to adequately provide for a household, consumers should consider purchasing a term policy from a trusted provider. These policies are often low-cost, and are set for a specific period of time - for example, the 10 years it would take the consumer to pay off his or her mortgage.

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