Retirement planning is viewed by consumers over 18 in the US as the top reason for obtaining life insurance, according to research from Northwestern Mutual.
The research found that one in four Americans is incorporating life insurance into retirement planning efforts.
For 32% of Americans marriage was the most common driver reason for purchasing life insurance coverage, while 22% highlighted the birth of a child and 19% said homeownership were the respective factors of for purchasing life insurance.
David Simbro, senior vice president of life and annuity products at Northwestern Mutual, said the study’s results show people of all ages are leveraging the flexibility of permanent life insurance to help meet long-term financial goals.
Of those buying life insurance, Nothwestern Mutual’s research found 31% were people aged 55 and over; 25% were aged between 45-54; and 19% were 44 and under.
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The survey was conducted online by Harris Interactive on behalf of Northwestern Mutual from 10-14 of August. It included 2,097 Americans aged 18 and older.