Life insurance purchases on the rise

Feb 15, 2012

More consumers are buying life insurance.

While much of the United States does not have enough life insurance to adequately protect against an unexpected death or medical bills, many life insurance companies are reporting an increase in sales. The San Francisco Bay Area Insurance Agency recently reported that it has reached an agency record $5 billion in life insurance sales issued by MassMutual and its affiliates.

In 2011, the agency has experienced a 34 percent increase in sales of whole life insurance premiums, as more consumers are finding these products have less risk and will protect their family members' financial futures.

In addition, Penn Mutual has introduced new paid-up addition riders for its flexible choice whole life insurance policies, adding to the value of the product. The new accelerated permanent and enhanced permanent riders offer policyholders added flexibility to their death benefits and the cash value of the product.

"Individuals or businesses who are accustomed to irregular cash flow, where sometimes they have a surplus and other times they don't, can benefit from riders like these," said Ray Caucci, vice president of product management at Penn Mutual. "The Accelerated Permanent PUA and Enhanced Permanent PUA enable clients to add value to their policy when they have the means to do so."

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