More Americans appear to be taking life insurance more seriously, as evidenced by the recent growth of individual sales.
Total individual life insurance sales increased 4 percent during the second quarter of 2012, amounting to a three percent growth of the industry during the first half of the year, according to the latest LIMRA research.
"The biggest driver behind premium growth was indexed universal life, soaring 37 percent in the second quarter," said Ashley Durham, senior research analyst LIMRA product research. "Indexed universal life continues to attract consumers who are interested in the opportunity for cash value growth potential while protecting their principal, which this product provides."
Although life insurance marketing agencies have urged Americans, ranging from those in their youth who are starting families to older adults planning their retirement, to invest in life insurance, studies reveal that a large percentage of individuals have procrastinated on purchasing a policy.
The increase in life insurance sales signals good news for many Americans, whose beneficiaries and survivors may have faced significant financial risk in the absence of a policy.
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