(BUSINESS WIRE)–Feeling insecure about the future, Americans have a growing interest in financial products that offer guarantees, including life insurance, according to a report released by Prudential Financial, Inc.. (NYSE: PRU – News).
Life Insurance – A Guarantee in Uncertain Times, found 70% of those surveyed believe products with guarantees are worth the cost.
In fact, 94% of those who own a life insurance policy value the guarantee it provides, according to Gail Van Dalen, vice president, Individual Life Insurance at The Prudential Insurance Company of America. In addition, Van Dalen said the study showed 72% indicate the economic downturn has “reinforced and deepened concerns about providing for loved ones.”
“Knowing their family will be protected provides peace of mind in an economy that has left many people feeling uncertain about their investments and financial future,” she said.
Additional findings show that consumers value life insurance policy enhancements that go beyond the security of the death benefit protection. Early access to policy benefits in the event of terminal illness ranked at the top of the list, with 61% expressing interest in this feature to pay for medical bills. Other guarantees that generated interest included:
•The ability to waive the premium if they become disabled (58%);
•Waiver of premium for up to one year upon the loss of a job (55%); and
•An increased death benefit should the insured die in an unforeseen accident (54%).
Van Dalen said financial stability (90%) and reputation (82%) are important factors people consider when selecting a life insurance company in the current environment.
