From the September 2011 issue of Benefits Selling:

Life insurance ownership is at a 50-year low—yet half of Americans recognize that they have a need for insurance, according to a LIMRA report. 

So what is stopping most Americans from buying life insurance? One reason cited in the report is the difficulty of deciding what type of insurance to buy—term insurance only provides cheap coverage at a level price for a stated term of years, and whole life insurance provides expensive coverage with an inflexible premium payment regime.  Today, consumers want control over their assets and life insurance with the ability to make changes as their family needs and circumstances change. 

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