Americans are looking for ways to spend less, but when it comes to life insurance they’re holding on to their policies, according to a recent report, The Value of Life in Tough Economic Times, issued by Prudential Financial, Inc.

The study found that 93% of consumers consider life insurance a “must.” Despite the fact that 70% have cut back on routine expenditures, 84% indicate they view the cost of life insurance as relatively minimal when compared to other items in the household budget.

The study also revealed that 95% recognize that life insurance could be significantly more expensive to obtain at an older age and 55% are concerned it could be harder to get coverage due to health conditions

Prudential’s The Value of Life in Tough Economic Times is part of a survey entitled Taking a Pulse of American’s Changing Life Insurance Needs that was conducted online between June 24 and July 1, 2009.