Life Insurance a Real Opportunity

Most insurance agents focus on their property and casualty business. However, there's lots of opportunity with life insurance as well. Take a look at this article posted on Insurance Newscast on Dec. 3.

Rattled Americans Value the Stability of Life Insurance
Prudential Research Shows Recession has People Worried About Financial Security
NEWARK, N.J.--(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).
The Prudential study, 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.
Prudential’s Life Insurance – A Guarantee in Uncertain Times is part of the Taking a Pulse of American's Changing Life Insurance Needs that was fielded via the Internet between June 24 and July 1, 2009. The survey was conducted for Prudential by MRops, a Pennsylvania based, independent, market research firm. For more information, download a copy of Life Insurance – A Guarantee in Uncertain Times. All guarantees are based on the claims paying ability of the issuer. Consumers should consult with a tax advisor regarding how these types of benefits may affect their situation. http://www.news.prudential.com/