Falling life expectancy highlights the need for life insurance; Americans live riskier

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NEW YORK, September 1, 2022 /PRNewswire/ — U.S. life expectancy at birth fell in 2021 to its lowest level since 1996 according to new federal data released this week, another reason Americans without life insurance should consider to subscribe to this ).

“September is Life Insurance Awareness Month and provides an opportunity to educate consumers more about the essential financial protection and peace of mind that a life insurance policy provides,” said Sean Kevelighan, CEO, Triple-I. “Unfortunately, in recent years we have seen more Americans perish from COVID-19, as well as some of the spin-off effects, including people driving more dangerously; bearing in mind that we have had the strongest annual percentage increase in deaths on our roads in the United States than ever before in history.Additionally, the combination of increased climate risk and more people living in hazardous conditions, such as coastal and timber-rich areas, aggravates the problem.

Life insurance policies provide protection against the death of an insured in the form of a payment to a beneficiary. Individuals should consider purchasing a life insurance policy if any of these three criteria apply to them, according to Triple-I:

  • Someone is financially dependent on you and will need significant financial resources after your death
  • Your estate does not have enough assets (e.g. cash, investments) to cover its taxes and debt
  • You want to cover your funeral and burial expenses

“The 2022 Life Insurance Barometer study identified four widely held misconceptions about life insurance,” Kevelighan said, citing research published by LIMRA and Life Happens. “A significant number of the more than 8,000 survey respondents greatly overestimated the cost of a life insurance policy and mistakenly believed that the life insurance coverage they had through their employer was enough Others thought life insurance was too hard to buy or a product they would need In the wake of the deadliest pandemic in a century and as the number of vehicle fatalities As motor soars, Americans should talk to their insurance professional about getting the right type and amount of life insurance coverage.

The National Highway Traffic Safety Administration (NHTSA) estimated that 42,915 people died in motor vehicle crashes in the United States in 2021, the highest number of traffic fatalities since 2005. Unintentional injuries were close behind COVID-19 as the leading cause of death in the United States for both men and women. women over the past three years, the National Center for Health Statistics (NCHS) report released this week on observed mortality trends.

Additionally, the only three U.S. states whose populations exceed 20 million in 2021 are also among the most vulnerable to natural disasters. California is home to 39.2 million Americans while Texas and Florida had populations last year of 29.5 million and 21.8 million, respectively, according to the US Census Bureau.

The NCHS projected life expectancy at birth in the United States for 2021 at 76.1 years, based on near-final federal government data for the past year. Male life expectancy (73.2 years in 2021) decreased by 3.1 years between 2019 and 2021, while female life expectancy (79.1 years in 2021) decreased by 2.3 years during the same period.

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SOURCE Insurance Information Institute

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