Life Insurance Facts and Statistics

Life insurance policies are crucial for ensuring that a family is taken care of should tragedy strike. Life insurance policies are vitally important, but often do not come cheaply. Fortunately, health insurance premiums are dropping. It is predicted that the premiums for both term life insurance and whole life insurance policies will drop by 4% in 2007. This continues a generally downward trend in life insurance premiums over the past few years.

Are you looking for a Life Insurance plan that is right for you and your family?
Contact one of our Life Insurance Professionals at Cranberry Lake Financial to help guide you in your pursuit of the Life Insurance plan best for you.

It is estimated that life insurance rates have dropped 5% every year since 2001. The reason for this drop can be attributed to decrease in death rates of the 25-44 year old age group. This is the age group that purchases life insurance most often, therefore, the group that life insurance companies adjust their premiums according to. National statistics show that death rates per 100,000 of that age group have fallen from 177.8 in 1996 to 161.8 in 2006.

Lower life insurance rates will allow people to purchase more. It is stated that a life insurance policy death benefit of $500,000 would come out to $2,500 a month for 17 years on the behalf of the beneficiary. Even still, a 2004 statistical analysis showed that the average adult in the 24-35 age group had a life insurance policy only held a $145,000. The average adult in the 36-45 age group only had a life insurance policy that held $323,000. From this research, and the current projections, it is highly advisable that one makes the most of the lower premium rates available for life insurance.