Although people say it's too expensive and they can't afford it, the number of households covered by life insurance has grown by nearly 5 million since 2010.

That's according to LIMRA's "2016 Trends in Life Insurance Ownership" study, which found that the growth in households with life insurance coverage actually reflects an increase in population, rather than an increase in market penetration. The study found 30 percent of households remain uninsured, equal to the record low set in 2010; the 70 percent coverage rate is unchanged since 2010.

The rate of individual life insurance ownership is also unchanged, at 44 percent.

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