Recent survey results on life insurance ownership by the industry-funded Limra show a disturbing trend: almost one-third of all households in the U.S. are without life insurance cover. The highest in four decades, the figure indicates a rise from 24 million households (22%) in 2004 to 35 million (33%) this year, reflecting a change in financial priorities of workers and employers in the struggling economy.
While many survey respondents wanted to have life insurance – as the same survey shows that families would be having immediate difficulty raising money for living expenses if the main wage earner dies – present economic realities prevent most people from purchasing insurance on their own. To make matters worse, some companies are likewise cutting back on employment benefits including life insurance coverage to cope with the difficult times. Thus, much more Americans today live without the safety net of life insurance.
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