According to LIMRA the sales of individual life insurance improved for the second quarter of 2010, this is based on "U.S. Individual Life Insurance Sales Survey" conducted by them. It was at 7% in the 1st half of the quarter , now it is 9% increase in the second half of the year. This is promising, the individual life insurance sales.
But for many the issue remains as whether to buy or not is a major decision. They suffer from dilemma. The life insurance has been in a slump the likes of which have not been seen in nearly four years. It is found that 30% of households have no insurance at all in 2010, this is an up from 22% in 2004.
11 million households are there with children under 18 with no insurance.
Every four in 10 of these families say they will be in immediate financial trouble if their earner dies. It is also found that one in four people depend on life insurance coverage at work among them with 15% reporting loss of that coverage which have been caused due job loss. Reasons of having essentially immediate needs, or less disposable income causing people unable to purchase insurance.
There is an another option which has been becoming more prominent during the recession is that option to convert a level term policy to whole life was not used. This has been allowing the policyholder to have some cheaper insurance term coverage.