3 Benefits of buying life insurance A for traders

Ownership of life insurance dropped sharply in recent decades, reaching a new low. According to research and the LIMRA consulting firm, 30 percent of American households have currently no life insurance at all. However, a full 50% of American households admit that they did not need more life insurance.

So why aren't more people buy?

To find the answer, LIMRA administered a life insurance Test of QI"to 4,000 Americans. The results, published in January of 2013 by LifeHealthPro.com, showed that the majority (55%) obtained less than 5 of the 10 questions right. Jennifer Douglas, of Research Associate Director of LIMRA strategic development and research, noted that consumers believe life is "too complicated".

The best way to make life less confusion is to work with a broker to purchase. Brokerage houses have three main advantages compared to individual insurance agents (known as "captive agents" in the enterprise). Here's how they can help you:

Brokers have access to several carriers. Being a broker is working with several different providers of life insurance (known as 'Enterprise'). Many local agents is under contract with a specific carrier, usually a large national provider such as State Farm and Allstate farmers. This agent would not be able to give you a quote from the supplier what he or she is contracted with. But what happens if you want a second opinion? You'd have to visit or call the agents who represent other carrier, you want to rate quotes. Most consumers do not have that kind of time.Brokers make easy price comparisons. In addition to see quotes from several carriers, brokers make it easy to compare prices. If you do not know if you want $250,000 or $500,000 of coverage, for example, you can run a new quote on a site of brokerage with a single click. If you are doing this the traditional way, you will need to get on the phone with agents for each carrier knowing how your changes affect your rate quote. Even if you use individual Web sites carrier at a political price, it is a lot of bookmarking and clicking. Yet once again, most consumers do not have that kind of time or patience.Brokers offer impartial advice. Because they work with multiple carriers, they won't push you towards a particular vendor. They can step back and look at each of them objectively to help you make a clear and targeted decision. Experienced brokerage agents also offers additional information about such things as the time limits for approval and the ease of filing a claim. They can also help you identify the right carrier to apply with, if you have a particular medical condition that might make it tricky approval. They know, at a glance, which of their carriers, is more likely to approve a type 1 diabetic, for example. If you have diabetes, sclerosis, the breast cancer, cardiomyopathy, arthritis or another chronic health condition requiring high risk life insurance, specialized knowledge of an agent's brokerage can reduce the risk of deny you coverage. Brokers can also steer you toward guaranteed establish policies, if your health is such that you pass the exam required for a screening of health policy.

According to LIMRA, in 1960, 72% of families owned individual life insurance. In 2010, that number had fallen to 42%. This percentage could be higher if the families more working with brokers, shorten the time between their purchasing decision and approval of the policy.