Thursday, September 2, 2010

Growing Number of Households Have No Life Insurance

Source: LIMRA

Ownership of Individual Life Insurance Falls to 50-Year Low, LIMRA Reports

Four in 10 U.S. Households with Children Would Have Immediate Trouble Paying Bills if
the Primary Breadwinner Died Today

ARLINGTON, Va., and WINDSOR, Conn., Aug. 30, 2010 — Despite the fact that most American families have less to fall back on financially than when the economic downturn began , ownership of individual life insurance has hit a 50-year low, according to a new LIMRA study.

The Trends in Life Insurance Ownership study, conducted every six years by LIMRA, found that only 44 percent of U.S. households have individual life insurance. The number of U.S. households that have no life insurance whatsoever is growing. Today, 30 percent of households (35 million) have no life insurance coverage, compared to 22 percent of households in 2004. Among households with children under age 18, which arguably have the greatest need for life insurance, 11 million have no coverage.

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