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The newest LIMRA Life Insurance Trends Study, released yesterday, showed that for the first time in the study’s 56-year history, U.S. life insurance owners are now more likely to own term life than permanent life (68% vs 62%). Permanent life insurance ownership has decreased by 18 points since 1992, while term life ownership has increased by 26 points.
The study also found that among households owning individual life there has been an increase in the number owning both permanent and term coverage. The new version shows a record high of 30% of life insurance owners having both types of policies – an increase of 12 points in six years.
Another item of note from the study was that more consumers than ever before are saying they have purchased individual life insurance policies directly from a carrier rather than from a financial professional. The direct purchasing of individual life insurance has increased by more than 25% in each of the last two study periods, with 2016 recording the highest proportion ever recorded in the study at 29%.
Insurance Forums | More Americans buying life insurance direct
The study also found that among households owning individual life there has been an increase in the number owning both permanent and term coverage. The new version shows a record high of 30% of life insurance owners having both types of policies – an increase of 12 points in six years.
Another item of note from the study was that more consumers than ever before are saying they have purchased individual life insurance policies directly from a carrier rather than from a financial professional. The direct purchasing of individual life insurance has increased by more than 25% in each of the last two study periods, with 2016 recording the highest proportion ever recorded in the study at 29%.
Insurance Forums | More Americans buying life insurance direct