Interest in Term Insurance increases – Q4 2012

Although the economy in general was flat in the fourth quarter of 2012, interest in term life insurance increased.  Several online-only insurance agencies reported approximately 5 times the requests for illustrations and 3 times the requests for applications over the same quarter in 2011.

The most requested type of term was 30-year guaranteed level-premium life.  More than half of all requests were for that plan of insurance.  The reporting agencies attributed the increase to consumer possibly wanting to lock in low term rates (premiums) for the longest period available.

These reports run counter to the  usual trend of requests for illustrations and applications mirroring the economic climate in general.