Would you feel more satisfied with a decision to go with Permanent Life Insurance, such as a Whole Life policy, compared to the more widespread Term Life coverage?A recent poll asked a cross-section of Americans that very question. The results? A 5-point difference in the findings was shown between those who feel “extremely” or “very” comfortable with their permanent life insurance coverage (49 percent) and those who feel the same way about their term life insurance coverage (44 percent). Consumer satisfaction levels were highest for whole life (60 percent), followed by term (55 percent), universal life (53 percent) and variable life (50 percent).
Term life insurance remains the go-to product for many consumers, being owned by 45 percent of middle-class families. But people who own term life policies have felt less comfortable with their coverage than those who own whole life and other permanent products. After years of following the conventional wisdom to ‘buy term and invest the difference, observers say that consumers are now seeing how a market downturn can threaten a seemingly sound financial strategy.
Regardless of product type, Americans clearly recognize the value of maintaining life insurance in this recessionary environment. Just four percent of Americans report making changes to their personal life insurance coverage as a result of the economy.
For a free life insurance quote comparing several companies, products and options, Efinancial is dedicated to giving insurance shopping consumers a choice! A satisfied insurance holder is a our very best spokesperon!
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