“One of the more interesting elements of our 2010 performance story is that the overall premium increases we saw were driven in a large part by strong demand for our permanent life insurance products,” said Greg Oberland, senior vice president – Northwestern Mutual. “There is no sign that the trend is slowing down. In fact, our latest consumer research shows that interest in permanent life insurance is greater than term insurance, cost aside. This is an encouraging sign that people across the country are thinking in terms of long-term financial security, not just the quick fix.”
Data from Northwestern Mutual’s latest consumer study, conducted in January 2011, indicates that Americans are taking a distinctly holistic approach to their financial planning. When asked how important various financial products are to them, Americans placed equal importance on “life insurance” and “investments” (66%). And when considering different types of life insurance, cost aside, 50% indicated a strong interest in whole life, while only 40% felt the same way about term.
“Americans recognize that investments alone will not take them to the finish line,” said Oberland. “They understand that financial security means not just growing and managing your assets, it means growing, managing and protecting your assets. To us, this demonstrates that people are taking a more holistic approach by managing risk and wealth accumulation simultaneously.”
