LIMRA Reports Fewer American Adults Own Life Insurance

Life InsuranceAs crazy as it sounds, Americans just don’t have the life insurance coverage they need. The trend is alarming when you consider the following statistics provided by LIMRA.

  1. The proportion of U.S. adults with life insurance protection has declined to an all-time low, with 41 percent (95 million people) of U.S. adults having no life insurance at all (LIMRA September numbers).
  2. Men and women are less likely to own life insurance today than they were back in 2004 – 61 percent of men and 57 percent of women have some sort of life insurance coverage.
  3. Only one in 10 insured adults own both permanent and term life insurance – half as many in 2004.
  4. The likelihood of being without life insurance has dramatically increased for every age group since 2004.

There are a number of reasons for these troubling numbers. Many believe the economy plays the biggest role in those low numbers. People without jobs and companies scaling back benefits offered to employees has contributed to the decline in insurance coverage. In 2004, roughly one in every three households relied solely on employer-provided life insurance. That number is now one in every four homes.

Sadly, surveys suggest that people know they need life insurance and they want it. Many fear buying a policy only to have to cancel it because they don’t have money to cover the small cost each month or annually.

Luckily, National Agents Alliance is doing all it can to show people they can afford life insurance. With a diverse lineup of carriers, our agents can find the best possible fit for any budget. One of the goals for National Agents Alliance is to help protect every single person and family that seeks coverage.

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