A survey of Americans conducted in August by the First Command Financial Services shows most people continue to keep their life insurance policies in force during the current economic downturn. In fact, just four percent indicated they had made changes to their life insurance policies. Of those who made changes, most actually increased coverage (42 percent, while some decreased coverage (29 percent). Only 17 percent eliminated their life insurance coverage altogether.
It’s certainly encouraging to see 96 percent of those surveyed have left their policies untouched during this period of time. It’s also a good sign that nearly half of those who did make a change purchased additional coverage. Even in difficult economic times, life insurance should remain a vital component of every family’s financial plan. And term life insurance is an inexpensive way to help meet the needs of those looking to both add protection and save money.
Credits: Biotech Week, First Command Financial Services