Life insurance can be an important form of coverage for a person regardless of their age. However, recent data reveal that a number of Americans are neglecting to purchase policies.
The MIB Life Index reports that overall, individually underwritten life insurance fell 2 percent in September of this year. Furthermore, that marked a 2.6 percent decline for the same month of last year.
Such findings are similar to those reported by research group LIMRA in August of this year. Its findings showed that individual life insurance ownership declined to the lowest levels in 50 years.
On the other hand, the the MIB Life Index shows life insurance plans for those in the 60-and-older age bracket have continued to grow for the past several months. There was also a 9.7 percent increase in policies between August and September of this year. However, historically such a spike has occurred during this time, according to the index.
Without a life insurance policy, one may pass away without having adequate funds saved to take care of their family.