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As consumers search for the best available financial deals, a recent Prudential Financial survey indicates two-thirds of consumers believe traditional life insurance protection is one of the safer financial products on the market.
The survey, which can provide valuable information for agents in obtaining life insurance leads, also reports the present market conditions reinforce consumers' needs to have life insurance. Still, less than one-quarter of policyholders have actually taken the time to review their coverage.
Mark Hug, chief marketing officer for Prudential's Individual Life Insurance business, notes, "The market collapse last year led all of us to reassess our needs, and cut down on spending. People know life insurance can fill needs broader than just providing a death benefit."
More survey details, which can assist agents in tracking down new life insurance sales leads, shows that two-thirds of consumers note the market's ups-and-downs have reminded them of their appreciation for life insurance coverage.
As agents look for new life insurance leads, an interesting nugget, however, is that only one quarter (24 percent) of those consumers has taken time to review their coverage and even fewer have changed their policies.
In comparison to a year and a half ago, approximately half of those surveyed feel less confident that financial vehicles like stocks and bonds or the home equity they may have gathered will suffice their retirement goals, outpace inflation or offer a comfortable nest egg.
Finally, 78 percent of those surveyed are equally or more confident their life insurance death benefit will be there in order to protect loved ones.
According to Hug, "Unemployment concerns are also having an impact."
Two-thirds of consumers surveyed understand they require individual coverage in addition to that offered through an employer. Still, 55 percent have two times their annual income or less aside from coverage they receive at work, the survey shows.
As agents search for new life insurance sales leads, knowing the pulse of consumers will aid in this endeavor.
Taking a Pulse of American's Changing Life Insurance Needs polled 1,000 Americans about the effects of the market downturn and their life insurance knowledge, attitudes, ownership and what actions they have taken. The margin of error is +/-3% at a 95% confidence level. Study participants are a national sample of male and female sole/joint heads of households between the ages of 30 to 59, with a 2008 household income of $50,000 or more and at least $25,000 in total savings and investments.
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