Global News Post: Insurance

30-40 Pct of Insurance Claims in Kenya Are Fradulent, Says Industry Executive

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<span style="font-family: "Trebuchet MS";">An
NNN-Xinhua Special Report by Ben Ochieng<o:p></o:p></span></div>
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<st1:city w:st="on"><span style="font-family: "Trebuchet MS";">NAIROBI</span></st1:city><span style="font-family: "Trebuchet MS";"> (NNN-XINHUA) -- <st1:country-region w:st="on"><st1:place w:st="on">Kenya</st1:place></st1:country-region>'s insurance firms say that
between 30 and 40 percent of all life insurance claims in the East African
country are fraudulent declarations with cases of life insurance claimants
faking death and "killing" spouses on the increase.<o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">Pan
Africa Insurance Holdings chief executive officer Tom Gitogo said here
Wednesday that as a result of this, payments had tended to take longer than
necessary because all claims must be verified cautiously.<o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">"Insurance
companies have for long been accused of taking long to effect payment of claims.
However, due to the high turnover of fraudulent claims that are received for
compensation, close to a half of them are not genuine claims where fake
documents are submitted in a bid to effect payment," Gitogo said.<o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">Gitogo,
who is also a member of the conference organizing committee, said this when
highlighting the African Insurers Organization (AIO) conference which begins
here Thursday.<o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">He
added that as a result of changed circumstances where a lot of dependency on
friends and relatives was decreasing during misfortunes, the insurance industry
was delving into ways of formalizing the informal insurance which had long been
applied to assist those who had fallen victims to misfortunes like deaths and
accidents.<o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">"One
can no longer rely on the informal insurance where their kin solved their
problems by pooling resources together because of the diminishing size of the
wallet," he said.<o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">He
regretted that by not teaching insurance earlier in the school curriculum, people
were growing up in ignorance on matters pertaining to the industry and were
only coming into contact with it later in adulthood.<o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">The
conference, which will run for two days, under the theme "Enhancing Value
and Trust in Life Insurance Distribution for Magical Growth in Africa", has
attracted more than 300 delegates from 45 countries in <st1:place w:st="on">Africa</st1:place>
and will cover various topics pertaining to life insurance business, including
the use of technology to enhance growth in the industry.<o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">AIO
Chairman Clerand Cofie Bruce life insurance was significant to a country
because apart from its obvious noteworthiness, it was also a source of income
which could impact positively on economic growth.<o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">"Life
insurance penetration in <st1:place w:st="on">Africa</st1:place> is
considerably low at an average one per cent. Doubling this figure to two per
cent can make a big difference in the economy of a country," said the
Ghanaian national.<o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">He
said in a continent where the majority lived on less than 1.25 USD per day, it
was understandable why the penetration rate was low but added that it was not
an excuse for things to remain the same because the industry could come out
with tailor-made products for those in the informal market.<o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">"In
<st1:place w:st="on">Africa</st1:place>, the informal market is bigger than the
formal market, and therefore it is not easy for those who are struggling to put
food on the table to have money to spare for insurance purposes. They must have
their own products made to meet their needs."<o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">The
Executive Director of the Association of Kenya Insurers, Tom Gichuhi, attributed
the low insurance penetration in the continent to low purchasing power and lack
of awareness.<o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">"Insurance
penetration in Africa is highest in <st1:country-region w:st="on">South Africa</st1:country-region>
and <st1:country-region w:st="on"><st1:place w:st="on">Kenya</st1:place></st1:country-region>
where it stands at 3.05 per cent, though in most other countries it averages at
one per cent. Everyone needs insurance, but the capacity is not there for the
majority of the people," Gichuhi said.<o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">The
Africa Insurers Organization was established in 1972 as a non-governmental
organization and is recognized by many African governments. Its objective is to
develop a healthy insurance and reinsurance industry in Africa and promote co-operation
in <st1:place w:st="on">Africa</st1:place>. -- NNN-XINHUA<o:p></o:p></span></div>
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30-40 Pct of Insurance Claims in Kenya Are Fradulent, Says Industry Executive

An NNN-Xinhua Special Report by Ben Ochieng NAIROBI (NNN-XINHUA) -- Kenya 's insurance firms say that between 30 and 40 percen...

India 20 to 40 year olds most willing to take risks in emerging Asia

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<div align="center" class="MsoNormal" style="text-align: center;"><b><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;">India's Generation X and Y of 20 to 40 years old are most willing to take risks as compared to their counterparts in emerging Asia - 78% are planning to buy life/health insurance products in the next 12 months.<o:p></o:p></span></b></div><div class="MsoNormal" style="text-align: justify;"><br />
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</div><div class="MsoNormal" style="text-align: justify;"><a href="http://www.amazon.com/Questions-Answers-Life-Insurance-Toolbook/dp/0984508104?ie=UTF8&tag=glob036-20&link_code=bil&camp=213689&creative=392969" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;" target="_blank"><img alt="Questions and Answers on Life Insurance: The Life Insurance Toolbook" src="http://ws.amazon.com/widgets/q?MarketPlace=US&ServiceVersion=20070822&ID=AsinImage&WS=1&Format=_SL160_&ASIN=0984508104&tag=glob036-20" /></a><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;"><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=glob036-20&l=bil&camp=213689&creative=392969&o=1&a=0984508104" style="border: none !important; margin: 0px !important; padding: 0px !important;" width="1" />Mumbai-<a href="http://www.indiaprwire.com/"><span style="text-decoration: none;">India PRwire</span></a> -- Swiss Re Survey of Risk Appetite and Insurance: Asia-Pacific 2011 highlights: - India's Generation X and Y of 20 to 40 years old are most willing to take risks as compared to their counterparts in emerging Asia - 78% are planning to buy life/health insurance products in the next 12 months. This ratio is the highest in Asia-Pacific - Perceived cost is a barrier to buying insurance; whereas life insurance is in general very affordable and within the price they are willing to pay - For the insurance industry, the 20 to 40 year olds are not only the future buyers of insurance, but also represent tremendous business opportunities now<o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;"><br />
</span></i></div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;"><br />
</span></i></div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;">The insurance business is at a critical stage in India. Over the next two decades we are likely to witness high growth in the life insurance sector for four reasons. Financial deregulation always speeds up the development of the insurance sector. India's favourable demographics characterized by growing young population and increased longevity will drive demand for protection, health and annuity products. Growth in disposable income influenced by strong economic growth prospects along with high savings rate and huge demand for tax planning products will continue to boost the life insurance growth in the future. Huge untapped potential in the mid-sized cities and rural India presents long-term business growth opportunity for the life insurance sector.<o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><a href="http://www.amazon.com/Insurance-Dummies-Jack-Hungelmann/dp/0470464682?ie=UTF8&tag=glob036-20&link_code=bil&camp=213689&creative=392969" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;" target="_blank"><img alt="Insurance for Dummies" src="http://ws.amazon.com/widgets/q?MarketPlace=US&ServiceVersion=20070822&ID=AsinImage&WS=1&Format=_SL160_&ASIN=0470464682&tag=glob036-20" /></a><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;"><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=glob036-20&l=bil&camp=213689&creative=392969&o=1&a=0470464682" style="border: none !important; margin: 0px !important; padding: 0px !important;" width="1" />The insurable population in India has been assessed at 250 million by 2020 and this number will increase in the coming decades. This should be supplemented by innovative insurance products and programmes with reinsurance support by companies and government to extend coverage to much larger sections of the population.<o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;">Swiss Re commissioned a large scale survey covering 13,800 consumers aged 20 to 40 across major cities of 11 Asia-Pacific markets between April and May 2011. The survey aims to identify any changes in consumer risk attitudes as compared to the results of the inaugural study conducted during the Global Financial Crisis in 2009, by using the Swiss Re Consumer Appetite for Risk Index (CAFRI). The survey scope has been extended in 2011 to look into the insurance needs and buying behaviours of respondents.<o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><b><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;"><span class="Apple-style-span" style="color: #990000;">India leads emerging Asia in consumer risk appetite:</span><o:p></o:p></span></i></b></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;">India has become the most risk taking emerging market in Asia. India ranks the 7th in the CAFRI table, behind all the developed markets.<o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><a href="http://www.amazon.com/Fundamentals-Risk-Insurance-Emmett-Vaughan/dp/0470087536?ie=UTF8&tag=glob036-20&link_code=bil&camp=213689&creative=392969" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;" target="_blank"><img alt="Fundamentals of Risk and Insurance" src="http://ws.amazon.com/widgets/q?MarketPlace=US&ServiceVersion=20070822&ID=AsinImage&WS=1&Format=_SL160_&ASIN=0470087536&tag=glob036-20" /></a><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;"><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=glob036-20&l=bil&camp=213689&creative=392969&o=1&a=0470087536" style="border: none !important; margin: 0px !important; padding: 0px !important;" width="1" />Amit Kalra, Swiss Re's Head of Economic and Consulting India, says: "Across Asia Pacific, the 20 to 40 year olds in India are the most willing to take risks in their lifestyle, such as pursuing dangerous sports, working for long hours, and living in the present without caring about the future."<o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;">"But they continue to be among the least willing to take risks on their career (9th) and finance (10th). For instance, 83% of respondents still consider capital preservation as their top priority in making an investment. This proportion is the highest in the region," adds Kalra<o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><b><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;"><span class="Apple-style-span" style="color: #990000;"><br />
</span></span></i></b></div><div class="MsoNormal" style="text-align: justify;"><b><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;"><span class="Apple-style-span" style="color: #990000;">Worry about medical bills fuels insurance needs:</span><o:p></o:p></span></i></b></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;">The study shows that a high majority (71%) of respondents in India are concerned about the amount they have to pay out of their pockets for medical expenses relating to major illness. And 70% are concerned that their medical/health insurance premium will increase beyond their affordability in the future. Both figures are higher than the Asia-Pacific averages of 67% and 58% respectively.<o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><a href="http://www.amazon.com/Life-Insurance-Asia-Winning-Decade/dp/0470824409?ie=UTF8&tag=glob036-20&link_code=bil&camp=213689&creative=392969" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;" target="_blank"><img alt="Life Insurance in Asia: Winning in the Next Decade" src="http://ws.amazon.com/widgets/q?MarketPlace=US&ServiceVersion=20070822&ID=AsinImage&WS=1&Format=_SL160_&ASIN=0470824409&tag=glob036-20" /></a><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;"><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=glob036-20&l=bil&camp=213689&creative=392969&o=1&a=0470824409" style="border: none !important; margin: 0px !important; padding: 0px !important;" width="1" />"Given the significant protection need, 78% of respondents in India are planning to buy life/health insurance products in the next 12 months. This ratio is the highest in the Asia-Pacific alongside Indonesia," says Kalra. "The key drivers for insurance purchases are: the inability to pay for long-term medical expenses, getting a serious illness and early death."<o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><b><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;"><span class="Apple-style-span" style="color: #990000;">Life insurance is very affordable:</span><o:p></o:p></span></i></b></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;">This study also shows that life insurance is not as expensive as people may perceive, and is indeed very affordable in India. Asked what would stop them buying insurance, 42% of respondents say price is an issue. But 80% are willing to pay at or above the market price range for a specified term life insurance cover. This proportion is the highest in the region.<o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;">"More education is needed to ensure consumers understand the value of protection insurance against the price they pay," says Kalra.<o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><b><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;"><span class="Apple-style-span" style="color: #990000;">Value, reputation and security most considered:</span><o:p></o:p></span></i></b></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><a href="http://www.amazon.com/Life-Insurance-India-Opportunities-Perspective/dp/8178298465?ie=UTF8&tag=glob036-20&link_code=bil&camp=213689&creative=392969" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;" target="_blank"><img alt="Life Insurance In India: Opportunities, Challenges and Strategic Perspective (Response Books)" src="http://ws.amazon.com/widgets/q?MarketPlace=US&ServiceVersion=20070822&ID=AsinImage&WS=1&Format=_SL160_&ASIN=8178298465&tag=glob036-20" /></a><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;"><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=glob036-20&l=bil&camp=213689&creative=392969&o=1&a=8178298465" style="border: none !important; margin: 0px !important; padding: 0px !important;" width="1" />The survey also shows that TV is most preferred (71% - the highest in the region) by respondents in India for sourcing financial information, followed by insurance agents (63%) and newspapers (53%). An overwhelming majority of respondents (89% - the highest in the region) prefer buying life and health insurance through insurance agents, followed by banks (36%) and independent financial advisers (30%). The most important criterion for choosing an insurance company is value for money (55%), followed by good reputation (52%) and financial soundness (42%).<o:p></o:p></span></i></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;"><br />
</span></i></div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;"><br />
</span></i></div><div class="MsoNormal" style="text-align: justify;"><i><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-latin;">"Insurers must demonstrate the benefits of insurance and their strong value propositions in order to meet the specific needs of consumers, who put strong emphasis on value, reputation and financial soundness," says Kalra.<o:p></o:p></span></i></div></div>

India 20 to 40 year olds most willing to take risks in emerging Asia

India's Generation X and Y of 20 to 40 years old are most willing to take risks as compared to their counterparts in emerging Asia - 78...

Life Insurance: Possibilities in A New and Complex World

<div dir="ltr" style="text-align: left;" trbidi="on"><br /><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: 16px;">(NewsUSA) - <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="color: red;">According to a recent study published by the Life Insurance and Market Research Association, last year only</span></i></b></span></div><div class="MsoNoSpacing" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="color: red; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;">44 percent of U.S. households had individual life insurance, and 30 percent of U.S. households had no coverage at all. <o:p></o:p></span></i></b></div><div class="MsoNoSpacing" style="text-align: justify;"><br /></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;"><o:p></o:p></span></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;">These statistics come at a time when using life insurance for both its protection benefit and as a way to build cash has never made more sense. Once pillars of financial stability, home equity, defined benefit plans, 401(k) matches and social security are now under threat. Under these circumstances, funding a college education, launching a new business or meeting an unexpected health emergency are daunting and cannot easily be resolved with many of yesterday's financial solutions.<o:p></o:p></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br /></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;"><o:p></o:p></span></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;">A permanent life insurance policy that is reviewed and updated on a regular basis protects more than just assets. It brings stability and can help you take advantage of so many of life's possibilities.<o:p></o:p></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br /></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;">If you are thinking about buying life insurance or increasing the amount of coverage you already have, here are some common misperceptions you should know:<o:p></o:p></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br /></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;">Life insurance is a death benefit only. In addition to a death benefit, permanent life insurance offers cash value accumulation.<span style="mso-spacerun: yes;">  </span>This money can be used to cover all kinds of life expenses for you and your family, or, small business.<o:p></o:p></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br /></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;">Buying term insurance with a minimum amount of death benefit and putting the rest of your money in other investments is the way to go. While death protection is important, permanent life insurance offers that protection and cash accumulation, thereby meeting your needs as they evolve throughout your lifetime.<o:p></o:p></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br /></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;">Life insurance matters only when you have children. Life insurance can fulfill many different needs aside from protecting children. For instance, you can access the cash value of a permanent policy to help grow a business or fund a favorite philanthropy.<o:p></o:p></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br /></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;">Life insurance is a monthly bill. Premium payments on a permanent life insurance policy are an investment in your future. A permanent policy is like paying yourself, as the policy accumulates cash value over time that can be used when and however needed.<o:p></o:p></span></div></div>

Life Insurance: Possibilities in A New and Complex World

(NewsUSA) - According to a recent study published by the Life Insurance and Market Research Association, last year only 44 percent of U.S. h...