SOURCE: World Financial Group
ATLANTA, GA--(Marketwire - Oct 22, 2012) - More individuals are starting to add life insurance to their long-term financial plans, a new study shows, but their reasons for considering life insurance are highly variable. The study, conducted by Northwestern Mutual, finds that life changes prompt many consumers to look into their life insurance options but the exact nature of these life changes varies greatly, depending on the age and stage of life of the consumer. World Financial Group, Inc. (WFG), reviewed this study and agrees that there is no one reason individuals and families decide to purchase life insurance.
The Northwestern Mutual study finds that many Americans, ages 18 and older, are beginning to make life insurance a key component in their financial planning considerations. For the younger members of that demographic, between the ages of 18 and 24, the study finds that one of the prevailing reasons for considering life insurance is the birth of a child. However, for older Americans, the reason for procuring life insurance might be to better plan for retirement. Marriage is also listed as a common prompter of obtaining life insurance.
In response to the study, WFG issued a statement affirming the fact that, while life insurance needs and objectives may vary, life insurance is ultimately something that ought to be considered by everyone. The company agrees that, in most instances, the procurement of life insurance is brought about by a major life change. Per WFG's statement, statistics from the industry research organization, LIMRA, 41 percent of life insurance shoppers said life events motivated and prompted them to purchase life insurance. Additionally, life events, such as marriage or the birth of a new child, mean that there is a new dependent in the household. As such, thinking about life insurance, and long-term financial needs, becomes imperative.
WFG also says that even those who already have life insurance might reconsider their coverage level as the result of these major life events. According to their statement, when a new dependent enters your household it can change everything, so it is never a bad idea to simply assess your life insurance coverage and ensure that it is sufficient to meet your current needs.
The Northwest Mutual study finds that, for many consumers, life insurance is a vehicle for protecting family members in the event of a tragedy or an unforeseen circumstance. For others, it is a source of peace of mind, particularly for retirement.
WFG is a company with independent associates who provide financial services, including life insurance options through its affiliated companies, to clients in the United States.
World Financial Group, Inc. (WFG) is a financial services marketing company whose affiliates offer a broad array of financial products and services. WFG's independent associates, located throughout the United States, strive to help individuals and families often overlooked by the financial services industry to plan for their financial futures, advocating the power of choice for clients through agreements with several of the financial and insurance industry's leading companies.
WFG is a business unit of the Life and Protection Division of Transamerica Life Insurance Company. The Transamerica companies offer a wide array of innovative financial services and products with a common purpose: to help individuals, families, and businesses build, protect and preserve their hard-earned assets. With more than a century of experience, Transamerica has built a solid reputation on solid management, sound decisions and consumer confidence. For more information, visit www.transamerica.com.
World Financial Group Headquarters: 11315 Johns Creek Parkway, Johns Creek, GA 30097-1517, PO Box 100035, Johns Creek, GA 30096-9403. Phone: 770.453.9300. WorldFinancialGroup.com