Looking for life insurance?
Compare Life Insurance
Quotes and Rates!
Life Insurance Group > Life insurance news > Life insurance companies » The Significance of Increasing Life Expectancies to the Insurance Indu...

The Significance of Increasing Life Expectancies to the Insurance Industry

Tuesday, July 15th, 2014

Social Science Research Council’s 2013-2014 American Human Development Report revealed the 15 U.S. states that have longest life expectancies. For sometimes now, Hawaii has taken the led as the state with the longest life expectancy. The state has a life expectancy of 81.3 which is 2.3 years more than the national average of 79 years.

Among all United State territories, Mississippi took the last position with a life expectancy of 75 years at birth, four years below the country’s average expectancy. “Mississippi has life spans and earnings of the typical American in the late 1980s,” says the Social Science Research Council. According to Steven Weisbart, Chief Economist and Senior President at Insurance Information Institute said that increase in life expectancies isn’t new to the life insurance industry.

“Nationally this is not a new idea, within the states there have always been differences,” said Weisbart. “All this data does provide an update to previous data that also showed significant differences in life expectancy.”

However, the current increase in life expectancies is a good opportunity for insurance agents to build their customer base. According to Weisbart, insurance premiums have consistently been decreasing over the last few decades. Better medical health and increased life expectancies has been responsible for the continued decrease in premiums. Most United States citizens feel that life insurance is still too expensive.  It is the highest ranked choice to be avoided.  About 66 percent of people cite cost as the reason for not taking cover while 36 percent say that cost is the major reason.

30 percent of all households in the U.S lack a life insurance cover while about 58 million households feel that their current cover is not adequate. Many acknowledge the need to have a cover but they still ignore it.

According to Weisbart, mortality rates are dropping and the premium rates are quite low, agents should seize the opportunity to approach more people to buy insurance covers. “Especially in states where rates are lower than others, this makes a good opportunity to get the conversation going.”

Data on life expectancy is a way to show that life insurance isn’t very expensive since this is one of the factors that make the premiums less expensive.

The Social Science Research Council did an analysis of data from American Community Survey 2010, U.S. Census Bureau, the Population Estimates Program, National Center for Health Statistics and Centers for Disease Control and Prevention to come up with these statistics.


January 12th, 2015

China’s Forsun International Moves into the US Life Insurance Market

Moreover, Robert S. Cubbin, the CEO and President of Meadowbrook reportedly said that the company’s partnership with Forsun adds more strength to its capital base. In addition, the pact will enable the US-based firm insurance company to improve its services and increase profits.

December 19th, 2014

Life Insurance Investable Assets in Asia to Experience Visible Progress in 2015

According to the global analysis reports by Cerulli Associates Asia Pte Ltd., there will be a remarkable growth in the assets of the life insurers in the largest markets of Asia. It has been reported that their investable assets will grow about 15% in the year 2015 and will hit 2.4 trillion USD.

November 1st, 2014

Number of life insurance policies is down, who is to blame

According to some of the more recent pools numbers of life insurance policy holders have gone down by over a 10% since 2004. At first glance this may seem odd but life insurance has lost its spot as one of the priorities in Americans lives. The consequences of this may not be relevant to some, but how often do we think about wealth fare of those we live with?

© 2024 LifeInsuranceGroup.com
Life Insurance Quotes for All Occasions. All Rights Reserved.