One in four Americans is incorporating life insurance into their retirement planning strategy according to results from a recent poll from Northwestern Mutual Life Insurance Company, Milwaukee, Wis. (Northwestern Mutual).
The poll, conducted online by Harris Interactive reported that retirement planning was the top reason that individuals 18 and up purchase life insurance. Marriage, traditionally a major reason for people to obtain coverage was still a prominent incentive with 32 percent of respondents purchasing life insurance once they are wed and another 22 percent purchasing coverage following the birth of child and 19 percent purchasing after coverage after buying a home.
Americans over 55 are the most likely to utilize life insurance as part of a retirement planning strategy. Twenty-five percent of respondents said that having enough money to live in retirement gives them the greatest peace of mind.
“Individuals have long recognized the importance of life insurance in terms of providing financial protection to loved ones in the event of their death. However, these new study results show that people of all ages are also leveraging the flexibility of permanent life insurance to help meet long term financial goals,” said David Simbro, senior vice president, life and annuity products at Northwestern Mutual.