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Report: Fewer consumers obtaining life insurance coverage

Posted On Fri, October 14, 2011

A recent report from MIB revealed that life insurance purchases during the month of September declined 3.4 percent, year-over-year.

The MIB Life Index had its largest drop in 2011 during September, and the decline nearly canceled out the summer's gains. The total figures from the third quarter showed a 0.3 percent drop, which is still better than the same quarter in 2010, when the decline was 2.6 percent. The improvements, while still technically a drop, may signal more consumers taking out life insurance plans.

"This summer's retrench puts the industry on track to finish the year off less than 1 percent year-over-year; a relatively good performance in light of a moribund economy," said Lee Oliphant, president and chief executive officer for MIB. "With heightened volatility, we will clearly be riding this rollercoaster for some time to come."

Consumers who have considered getting coverage may want to compare life insurance quotes before jumping into a plan, as it may help them to find the plan that is most affordable, while still tending to their needs.

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