Amid an increasing number of uninsured individuals in America that do not have any life insurance, premium dollar sale continues to rise. This may constitute a social challenge, but better opportunities for life insurance salespeople and carriers, Insurance Navy says.
Auto insurance quotes in Chicago
The results of these studies indicate that more social problems are emerging as a result of increasing the uninsured Americans, but life insurance agents and life insurance companies are improving their sale volumes
According to the a recent study published earlier this month by Genworth Financial, Inc. more than 118 million adults in America over the age of 18 years don’t have any life insurance coverage. This number constitutes about 52% of the US population, compared to 51% in 2011. The study was based on phone interviewing more than 25,000 American adults over age 18 years over 15 months time frame.
"This increase in uninsured individuals should not be interpreted as a reduction in the premium dollar sale of life insurance. Actually the life insurance industry grew 4% in new annualized premium dollars in 2011, resulting in the second consecutive year of growth. In the 4th quarter, the volume of life insurance premium dollar improved 2%, compared with the 4th quarter of 2010, according to a study released by LIMRA in February 2012," said Ed Sneneh of Insurance Navy. "The results of these studies indicate that more social problems are emerging as a result of increasing numbers of the uninsured Americans, but life insurance agents and life insurance companies are improving their sale volumes," Sneneh added.
Experts in the financial services believe that these results are consistent with the strong recession that we have been witnessing these days but new life insurance sale will continue to grow. "A major reason for this trend is the increase in the more pricey whole life insurance contracts which offer more guarantee, on the expense of other flexible premium life contract. We think that this is a good time for the re-emergence of life insurance agents," Mr. Sneneh said.
|
