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Market uncertainty leading more to purchase life insurance

Life insurance purchases were up in October, the MIB Life Index reports.

After a slow start to 2009, MIB says, consumer interest in life insurance is picking up. MIB, an information provider to the risk management industry, collects data when life insurance underwriters search the MIB database.

Life insurance purchases in the first two quarters of 2009 were down, compared to the same periods in 2008. Activity in the summer was flat, but September and October have seen year-on-year gains in insurance purchases. September saw gains of 1.2 percent, and October increases were 2.4 percent.

Investments in life insurance among older consumers have been notable. In October, purchases were up 17.7 percent among Americans older than 60. That group has been a driver of life insurance sales across the U.S. market, MIB says: “U.S. volume has been driven principally [by] double-digit increases in [purchases by consumers age 60 and older] across eight of the last ten months.”

Many older Americans saw retirement savings diminished in the market downturn of late 2008, and they may be looking for another way to guarantee income for spouses or family members in the future. Experts agree that life insurance is a good investment for people all ages, though.

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Posted: November 11, 2009

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