All the major life insurance brands, including the best in America, are being targeted by an increasing number of renters seeking a new way to make ends meet.
From private renters to apartment dwellers to business owners, the list of renters who are looking for more flexibility and control in their insurance plans has grown.
In addition to the companies that are targeting renters with high risk policies, there are several that are taking advantage of a shift toward cheaper life insurance policies that are attracting more young and middle-aged renters.
Life insurance companies that have been in the news lately include American Insurers, Vanguard, and American Red Cross.
American Insurance, for example, recently launched a new life insurance program called Life First in partnership with Blue Cross and Blue Shield of North Carolina.
The program offers the same coverage for $5,000 a year, with up to $5 million of the policy being invested in a 401(k)-style retirement plan.
But while the company offers the option of purchasing an annuity from Vanguard, it does not provide a separate life insurance policy.
Instead, its new life policy provides a $2,500 annual limit on the amount that can be invested in the 401(s) plan, with a maximum of $25,000.
(For comparison, a $1 million annual limit is typical for most private annuities.)
Life First is the first of the big four life insurance firms to offer the option to buy a separate annuity through Vanguard, as it is the only other major life insurer offering the option.
According to a new report from the Center for Retirement Research, Vanguard’s new Life First policy has been attracting a higher percentage of renters than any other life insurance provider in the country.
In the last five years, the average number of monthly payments per year by renters with an American Insurer policy has grown from 0.9 percent to 3.2 percent.
And by contrast, the number of payments per month by renters in Vanguard’s life insurance plans grew from 4.1 percent to 9.7 percent.
The average monthly payment by renters of American Insuring policy by Vanguard is $3,853, compared to $3.1 million in the Vanguard life insurance plan.
According a survey by the American Life Insurance Association, American Insurances life insurance customers have more discretionary income, more discretionary assets, and less discretionary spending than renters.
“We’re seeing a huge increase in the number and quality of renters that are now buying life insurance,” said Beth O’Connell, the American Insures vice president of insurance.
“It’s not just about having the highest-rated life insurance.”
Life insurance providers have been finding that a lot of their customers are also younger than 25 years old.
For example, according to the American Insurance Association survey, 37 percent of renters ages 25-54 have at least some discretionary income in their household.
But as the economy has been improving, so too has the demand for renters who need to make payments on a regular basis.
“The more millennials and baby boomers are renting, the more that the costs are going to be rising,” O’Sullivan said.
“They’re not going to have enough money to live on and are going in for a lot more.
So there’s going to need to be a change in the way they are buying life policies.
And that is where American Insure is going to play a key role.”
According to the latest survey from the American Association of State Retirement Administrators, a quarter of renters under 25 years of age are now paying for their own health insurance.
Meanwhile, many renters who have received the highest level of coverage in their family are now facing a more affordable plan.
For instance, a study by the Center on Budget and Policy Priorities (CBPP) found that of all the policies that were offered to renters in the past five years in the United States, only a third of the policies were offered by American Insured.
In contrast, three-quarters of all other life insurers in the U.S. were offering a lifetime limit policy, according the CBPP survey.
The survey also found that while most renters in their 30s and 40s still prefer to pay upfront for their coverage, that preference has been declining.
In a study of the top life insurance providers by the U:rsa in 2016, only one out of six renters (16.4 percent) in their 50s or 60s preferred to pay monthly for coverage.
And while a majority of renters are paying for the same level of insurance, the cost of coverage has been increasing over time.
The CBPP study found that the average annual cost for a lifetime coverage plan increased from $4,977 to $10,895 for the top 20 life insurers between 2014 and 2016.
That compares to an average annual increase of only $4.3 for Vanguard Life First Life First, which was up from $5.9 in 2014 to