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Most of the money they would have spent, under normal conditions, went into their savings accounts, into reducing their general indebtedness and into life insurance and health insurance.
From the standpoint of insurance, Rappahannock County residents are better protected, as a result, than they have ever been.
In the local area, the amount of life insurance in force at the beginning of this year reached a new high of approximately $23,355,000. The facts and figures on the distribution of insurance, nationally and by states, are contained in the 1970 Life Insurance Fact Book. They show that the average family increased its protection by $1,600 in the past year. The additions have brought the overall amount of life insurance in force in the United States to more than $1.4 trillion. The additions have brought the overall amount of life insurance in force in the United States to more than $1.4 trillion
Virginia State’s share of this total is placed at $31,582,000,000, as compared with the $29,243,000,000 reported a year ago.
Not included in these figures are ■the coverage provided by the Federal government for veterans and others and the insurance issued by fraternal organizations.
The report states that a sharp increase in the number of young families “with bigger incomes and often greater responsibilities” may have been another major factor behind the 1970 surge in insurance coverage.
For the average family in the State of Virginia, the amount of insurance carried is found to be equivalent to its net earnings, after taxes, for a period of 28.6 months.
In Rappahannock County on this basis for the average level of income prevailing in the local area, ownership of life insurance now comes to approximately $19,600 per family.
97.0%