LIMRA released a startling trend for men age 18 to 65 in September of 2011, and it’s possible those findings could be worse in 2012 if males don’t protect their loved ones by securing life insurance this year.
Men ages 35 to 54 have seen large declines in individual life ownership in the past 12 years. In many cases, this mean the person with the highest income in the home doesn’t have enough coverage for the family. Typically, middle-age men have families and need coverage and, in a lot of cases, serve as the main bread winner in the home.
Young males in the 18 to 24 age demographic are buying life insurance policies even less these days. This is troubling to think that an adult entering the workforce would not have any life insurance at all. LIMRA reported that only 13 percent had individual life policies in 2010, compared to a 30-percent rate back in 1998.
Husbands are not doing what they should by owning policies either! LIMRA found that in husbands ages 35 to 54 and those 65 and older there was a double-digit decline in the proportion owning individual life insurance in the past six years.
Since 2004, the likelihood of husbands having any kind of life insurance has declined across every possible income level – low, middle and affluent all have less coverage than in past reports.
Most certainly the economy plays some role in these numbers, but men and husbands need to remember that life insurance should not be the thing they do without because times are tight. If you can afford cable and internet each month, you should be able to find a suitable life insurance policy in 2012. It’s hard to imagine people don’t understand that, but LIMRA’s findings seem to support that kind of short-sided logic.
Thankfully, there are thousands of National Agents Alliance agents all over the United State eager to change those statistics for the better in 2012!