Genworth Study Helps Redefine ‘Uninsurable’
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"We need to redefine the word 'healthy' in the context of life insurance eligibility," said
Between 39% and 54% of Americans between the ages of 18 and 64 with common, self-reported pre-existing conditions hold no life insurance, with doubts over insurability leading many potential candidates to not even apply for coverage, according to the new study. However, medical advances and wellness programs have made it possible for many Americans to better manage chronic conditions, while the insurance industry has developed increasingly sophisticated underwriting practices to provide preferred rates to those that have well-managed conditions such as asthma, anxiety and high blood pressure.
"As part of
"For each of the conditions we studied, sizable populations reported that they hold no life insurance," added
Total Number of Uninsured Rises
According to the study, more than 118 million adults in
"Overall, we are seeing the continuation of a trend we witnessed in 2011: fewer Americans with life insurance and lower coverage amounts for those who are purchasing policies," Deskins said. "In this environment, we need to redouble our efforts to close coverage gaps in what people actually need, and help consumers better understand their options."
About
The LifeJacket Study of the uninsured in America was conducted in collaboration with independent third party research firms, J&K Solutions and Ruf Strategic Solutions. The supporting survey data for this longitudinal, multi-modal study was collected over the course of 15 months and administered by telephone, online and mail. More than 25,000 adults (ages 18+) across
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