A recent report from the U.S. Census Bureau showed 16.3 percent of Americans were uninsured in 2010. The federal agency attributed the decline in coverage to the high unemployment rate and the weak economy, as many Americans lost employer-sponsored insurance coverage.
Some Americans were laid off and lost benefits, while others were able to keep their jobs but their employers could not afford to provide benefits, like health and life insurance, to stay competitive in the market. Elise Gould, director of health policy research for the Economic Policy Institute, told CNN that the recent data and trends suggest employers will continue to drop benefits for their employees for the next 10 years.
"As the job market remains weak, Americans can no longer depend on their workplace for consistent affordable coverage," Gould told the news source.
Although budgets are tight, a weak economy is a strong reason for consumers to purchase life insurance policies. While paying the monthly premium could be a small financial burden, it will save a family much more significant costs in the future if a death were to occur. It is important to protect family members and loved ones from further economic hardship, and a life insurance policy can provide that safety net in the future.