If this is the case, why then is it an axiom in the life insurance business that "life insurance is never bought but always sold"? The reason is that life insurance's most basic function is protection.
This indeed is what is unique about it, for you can invest in a hundred and one ways for the future, but only life insurance enables you to guarantee financial security for your dependants. And it is this protective function of life insurance that most often puts people off the subject entirely, since it entails consideration of the possibility of one's own untimely death.
Certainly, looked at in subjective, individual, terms this is not a happy subject, so let us look at it instead in terms of numbers.
Table 1 is based on the mortality experience of the population of England and Wales during the period 2002. If that experience applies for all subsequent years, then of 10,000 men age 30 today, 1,624 will not live past the age of 60 and a further 996 will not see their sixty-fifth birthday.
Though the average life expectancy for a man is
Table 1 Average life table.
The following life table has been constructed from the mortality experience of the population of England and Wales during the three-year period 2011-12.
The column headed lx shows, for each sex, the numbers who would survive to exactly age x out of 10,000 born who were subject throughout their lives to the recorded death rates of the period.
Column ex is the "expectation of life", that is the average future lifetime which would be lived by persons aged........ see: click here for Life Expectancy
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