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Los Angelenos Spend Heavily On New Life Policies

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NU Online News Service, Nov. 19, 2:23 p.m. – LIMRA International, Windsor, Conn., a nonprofit life insurance market research group, says residents of Los Angeles spent more on life insurance in 2000 than residents of New York or Chicago spent.

Los Angeles residents bought only 264,100 on policies, compared with a count of 295,500 for New York residents, and 324,100 for Chicago residents.

But Los Angeles residents paid a total of $570 million in premiums for the new life policies purchased, or an average of $2,157 per policy, compared with $479 million, or $1,620 per policy, for New York residents, and $454 million, or $1,400 per policy, for Chicago residents.

LIMRA researchers base the findings on data collected for U.S. MarketMap, a LIMRA database that gives detailed geographic and demographic information on life insurance sales.