NU Online News Service, May 7, 2003, 5:21 p.m. EDT – Ninety-five percent of the Americans who own permanent life insurance say financial professionals gave them the information they needed to decide between term life and permanent life insurance, according to a survey sponsored by Northwestern Mutual Life Insurance Company, Milwaukee, Wis.
Sixty-nine percent of the term owners who participated say they own term because of the advice of financial professionals, Northwestern reports.
Researchers found that permanent life owners were more likely than term owners to say they got information about which type of insurance to buy from friends, relatives, colleagues, newspapers and magazines.
Term life owners were more likely to say they got information from the Web.
The survey also asked term life owners what they will do when their policies expire.
Forty-two percent of the term life owners say they are not sure what they will do, 32% say they won’t need coverage, and 21% say they plan to buy term coverage. Only 3% say they’ll buy permanent coverage, Northwestern says.