Risk of Accidents Makes Life Insurance Crucial

8/28/2010

Some Americans may suffer the misfortune of learning firsthand that even if they take proper care of themselves, they can still end up being severely injured or worse in an accident at home or work.

In light of that reality, life insurance is an important tool to help prevent loved ones from ever facing any serious financial hardships further down the road.

Consider workplace fatalities. Depending on the circumstances, some families may be entitled to legal or other compensation when such things happen, but this is not always the case.

According to the Bureau of Labor Statistics, there were 4,340 fatal workplace injuries in the U.S. last year, marking a decrease from the 5,214 seen in 2008. The BLS noted that the 2009 total was actually the smallest preliminary figure in this category since at least 1992, when such data started being tracked.

The BLS added that based on the 2009 figures, there are 3.3 fatalities for every 100,000 workers, compared to 3.7 in 2008.

However, the fatality rate may end up higher assuming the economy improves, since there is some chance that the latest figures were affected by the fact that fewer people were employed in 2009.