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Study: Americans not taking advantage of life insurance purchases

Posted On Thu, January 26, 2012

<![CDATA[A study from consulting firm LIMRA found that less than 40 percent of Americans said they have had an opportunity to make a life insurance purchase in the last two years.

Approximately one-quarter of those single Americans surveyed noted an opportunity to make a purchase in that period, while 74 percent of married couples said the same thing, according to the study. However, more than half of single people who were given an opportunity to make a purchase said they would do so, which was much closer to the married response of 58 percent.

"This phenomenon is especially true for single people - a growing segment of the population because of a decline in marriages and an increase in divorce during the past few decades," said Cheryl Retzloff, senior research director for LIMRA Markets research. Companies could grow their life business by more aggressively pursuing this untapped market."

Those consumers who have not yet purchased a life insurance plan may benefit from comparing life insurance quotes. This could ensure they are covered at an affordable price.

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