Need for life insurance perceived as more important

According to a survey released by the nonprofit LIFE Foundation, 56 percent of Americans say the economic downturn has made it more important to have life insurance, compared to just nine percent who believe the need has diminished. Moreover, over the past year more people appear to have added to their life insurance coverage than have lost or reduced their coverage with many deciding to check term life insurance rates as an option.

“The American people are smart and understand the importance of protecting their loved ones with life insurance, especially in these uncertain financial times,” said Marvin H. Feldman, CLU, ChFC, RFC, president and CEO of LIFE. “Americans realize that life insurance can be the safety net that catches their family when tragedy strikes, and we’re pleased to see that so many appear to be holding onto their coverage, even as they’re scaling back other parts of the family budget to make ends meet.”