A report states that when Americans started cutting expenses during the recent economic recession, one of the first things to be eliminated was life insurance policies.
Experts told the Omaha World-Herald that life insurance dropped in the public consciousness when many Americans were forced to reconsider expenses. Additionally, because life insurance is an optional purchase - unlike home or auto insurance, which are legally mandated - some don't even think about coverage, said the report. That could be a mistake, since many workers leave their families susceptible to financial ruin without a term life insurance policy.
"You have to buy life insurance before you need it. It requires you to confront your own mortality, and you either did this or you didn't. There's no second chance," Byron Udell, CEO of a life insurance company, told the source.
The cost of life insurance has actually become more affordable as the recession has worn on, making it smart for consumers to seek a policy while rates remain low. In some cases, consumers may be able to find a term life insurance policy at a rate nearly half of what they would have paid 10 to 15 years ago, experts say.