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Newspaper
News
Location
Frederick, Maryland, United States of America
Date
May 12, 1969
Page
4
A survey by the Institute of Life Insurance shows that 85 percent list support for dependents as the chief reason for ownership. Other major motives include paying debts, retirement income, saving, funding education, and mortgage protection, with business needs and keyman coverage also driving purchases.
The life insurance sector launches a $1 billion program funding housing for about 55,000 homes and apartments, plus FHA insured and job creating facilities. Projects span 42 states and Puerto Rico, employing around 25,000 permanent jobs.
A century view on life insurance agents notes more than 200000 in the United States and highlights the shift from selling policies to advising on family finances. Agents are urged to be trusted parts of the financial plan, conduct annual policy re checks, and adapt plans as family needs and laws change.
Life insurance firms invest 17.9 million dollars in Maryland as part of a 1 billion urban investment program begun in 1967. Nationally, 63,976 housing units are aided and 30,494 new jobs created, with loans totaling about 825 million to improve low and moderate income housing. The three Maryland firms include The Baltimore Life, Monumental Life, and Sun Life Insurance Company of America, all based in Baltimore.
Insurance is used by millions to back home financing and guarantee loan repayment in case of death. Banks often insure borrowers for the outstanding balance and many plans reduce with the loan or convert to lifetime policies for ongoing protection. With more Americans owning homes and long amortization loans rising, mortgage life insurance supports families by keeping homes free of debt when the primary earner dies.
The Health Insurance Institute reports that about 2,304,000 Maryland residents under 65 held private hospitalization expense insurance at the start of last year. Data show 2,031,000 with surgical expense, 1,767,000 with regular medical expense, and 904,000 with major medical coverage. Total private health insurance benefits paid in 1967 reached 151,913,000.
Maryland families bought more life insurance in 1968 than any year before, raising total in force to about $22.1 billion and boosting protection by $2.3 billion. About $1.81 billion of new protection came from ordinary policies, with $345 million dedicated to housing funds and $330 million insured by FHA. Death benefits paid rose to roughly $109.5 million, up 6 percent from 1967, while mortgage investments in Maryland climbed from $2.0 to an estimated $2.2 billion.
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