If you've seen the numbers, they paint a troublesome picture: Life insurance ownership has dwindled over the years. In 1960, eighty-three percent of Americans owned a policy, according to LIMRA. That rate has since fallen to seventy percent.
In terms of volume, though, life purchases are on the rise. Eighty-seven million households had policies in place in 2016, up from eighty-two million in 2010 and seventy-eight million in 1998.
What's more, application activity has strengthened. M-I-B Index reported life insurance applications last year were one point three percent ahead of 2015 in year-long data figures.
Every industry, insurance or otherwise, sees its peaks and valleys. Will life insurance purchases continue to trend higher? If we hold to the fiduciary responsibilities and successful sales strategies that have gotten us to this point in the race, they very well may.
See you at the finish line!