According to www.lisa.org, "According to leading international actuarial firm Milliman, Inc., almost 90 percent of all life policies lapse or are surrendered rather than resulting in a claim." You may want to think about that before pouring a bunch of money into a life insurance policy!
According to economics.sas.upenn.edu, "Life Insurance Marketing and Research Association, International (2009, p. 18) showed that the lapsation rates are about 2-4% per year for policies that have been in force for more than 11 years in 2004-2005." This means that even after pouring a bunch of money down the drain, people have had to let go of their policies.
According to www.scribd.com, "That is why most policy holders don't realize that their agent will make a commission of between 55%-105% on their premium payments in the first couple of years." Maybe the agents should have to disclose the amount of commission they are taking off the table.
What do you think? Any other statistics out there that you would like to point out?
This post was reposted from http://finlit.biz/life-insurance/3-statistics-you-need-to-know-before-purchasing-an-indexed-universal-life-policy/, originally written on February 3rd, 2013.
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