Study Shows Life Insurance Customers Value Their Policies

January 31st, 2010 | by Admin |

A December 2009 study from Prudential Financial, Inc. found that despite (and due to) insecurities related to finances, Americans have a growing interest in financial products that offer guarantees. Among those financial products, life insurance polices are particularly popular, that’s according to the life insurer’s study, Life Insurance – A Guarantee in Uncertain Times.

Facts from the Study

The study shows that respondents feel fairly confident about products with guarantees. In fact:

70 percent believe products with guarantees are worth the cost. 94 percent who own life insurance policies value the guarantee it provides. 72 percent say that the economic downturn has “reinforced and deepened concerns about providing for loved ones.”

Overall, the idea of knowing that despite economic hardships, the family can be protected ifthe breadwinner diesis more of a reason for respondents to feel that products like life insurance are worth the money. (More on how life insurance sales have increased)

Additional Findings

Some other interesting findings in the study show that that consumers value life insurance policies because some can be enhanced to go beyond the security of death benefit protection. Some benefits consumers enjoy include:

Early access to policy benefits in the event of a terminal illness The ability to waive their premium if they become disabled The option to waive a premium for up to a year if they lose their job Being able to take an increased death benefit if the insured dies in an unforeseen accident

Ninety percent say that financial stability is an important reason for seeking a life insurance policy. In particular, the current financial environment plays a vital role.

Has the recession prompted you to seek a life insurance policy?

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