A sizable number of Americans are shunning life insurance coverage, according to a noted insurance expert in an interview with A.M. Best.
When asked what he considered the most significant development to be in recent years regarding the health and life insurance industry, Lee Oliphant said one of the most striking things was that the overall composite index - which measures life insurance application activity - has shown stability for the past three years. That's compared to reductions of three and four percent year-over-year when contrasted with 2006.
However, the most significant concern he cited was younger Americans not purchasing coverage as much as they once did.
"It used to be that as families were starting out, the first thing they were thinking about was making sure they had enough life insurance," said Oliphant, CEO of MIB, which provides risk information and analytical services for the health and life insurance industry. "I'm not sure if we haven't moved away from that a little bit."
Oliphant added in the interview with A.M. Best that individuals 45 and younger, in particular, haven't purchasing coverage as much as they used to.
He went on to note that using social media may serve as an ideal avenue in which to generate more life insurance leads.