Thirty percent of U.S. households have no life insurance, and only 44 percent have individual life insurance -- both 50-year lows -- the latest survey from industry tracker Limra found.
In 2009, insurance companies issued 9.4 million individual life insurance policies in the U.S., 1 million fewer than in 2004. During the mid-1980s, roughly twice as many policies were issued compared with today, according to Limra.
The reason for the decline: More than 40 percent of respondents said they have other financial priorities right now.
"People are feeling very pressured and unable to pay all of their bills now," said Catherine Theroux, a Limra spokeswoman. "They're struggling financially, so they're not opting to buy life insurance except in their employer-sponsored program."
Other findings:
1 in 4 rely only on group life insurance through their employer to provide financial protection if a wage-earner dies.
15 percent said one or more of their breadwinners lost their job, so for those in an employer-sponsored life insurance plan, the loss of the job meant a loss of life insurance coverage.
Among households with children under 18, four in 10 said they would immediately have trouble meeting everyday living expenses if a primary wage-earner died today.
-- Francine Knowles
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