As unemployment rate remains steady, life insurance may provide way for families to avoid potential of debt

Nov 15, 2010

Unemployment is forcing some consumers to scale back spending.

From the housing market to the purchase of life insurance, many aspects of the economy have been affected by the inability of businesses to add to their workforce.

Consumers, witnessing an increase in the number of unemployed workers, scaled back spending across the board as they concentrated on savings and paying off debt. However, the Bureau of Labor Statistics reported the jobless rate remained flat in September at 9.6 percent.

Labor Secretary Hilda Solis said September marked the ninth straight time the private sector added jobs to the economy. However, overall employment declined 95,000 during the ninth month of 2010.

"We are on the road to recovery," Solis said. "The president and I have confidence in the American economy, and we have confidence in the American people."

Given that the economy is still recovering, having life insurance may be more important than ever. Having a policy can ensure an employee's family is cared for financially in the event a primary income earner dies.

Otherwise, families may have to incur further debt and possibly miss payments on home loans or credit card bills.

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