According to the 2014 Florida Office of Insurance Regulation (FLOIR), the entire life insurance industry in Florida saw a decline in revenue of over $50 million. The office also reported increased life insurance product filings. According to the office, “This trend is expected to continue as products are designed to provide additional types of coverage under broader, single-policy structures”.
This decline in revenue of the entire life insurance industry could also be associated with a reduced number in policyholders. Most consumers do not fully understand the reasons behind getting life insurance, and 80% of consumers misjudge the expenses associated with term insurance policies.