Financial security may be driving younger consumers to purchase whole life insurance policies, according to a recent study done by provider Guardian Life Insurance Company of America.
The firm polled a number of consumers who have life insurance policies and found those under 40 made purchases because of their wish to be financially secure as quickly as possible. Thirty-five percent of this group said they would pay off their premiums as soon as they were able to.
Of this age group, 76 percent said they would like to be free from debt as soon as they were able, while 74 percent wished to achieve financial security as quickly as they could.
“Satisfying long-range needs was more important than short-term rewards, and returns less important than safety among the young buyers we surveyed,” said Michael Ferik, a senior vice president with Guardian.
Many consumers have turned away from debt and concentrated on putting more away in savings accounts in the face of recent economic troubles.
The unemployment rate may have played a large factor in those decisions, as Americans become worried about their employment prospects.
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