According to the research company Limra, the number of life insurance policies sold in the United States in the first quarter of 2021 has grown by 11% compared to 2020, which is the largest increase since 1983. The increase in sales began last year amid rising Covid-19 deaths.
In accordance with the statistics, insurers have reduced death benefits by 4%. “An average death benefit is 270 thousand dollars now. The decrease indicates that the sector has sold more policies to low-income households, - says David Levenson, the Limra Chief Executive. - We believe the policies have been bought by families with annual income of less than $100,000”.
Life insurance is a strategically significant industry bringing investment in the economy and social problem solution. Life insurance has long become more than just an inventory, thanks to which people can accumulate funds, get a return on investment, provide themselves with pensions and medical services. Life insurance has become a specific industry focused on the most varied customer needs, such as buying a home, paying for child education, minimizing taxes and much more. The Americans tend to trust life insurance companies than banks.
Photos are from open sources.