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September 21, 2012 at 10:50 AM
Americans who are between 18 and 34 years old who have some degree of life insurance protection are most likely to have been prompted to purchase it because of the birth of a child as opposed to Americans age 55 and up.
The finding comes as a result of a recent poll by Northwestern Mutual, Milwaukee WI. The poll sought to quantify the different motivations behind purchasing life insurance across varying ages and lifestyles.
The poll found that 36 percent of Americans over 55 who own life insurance bought it as a direct result of getting married while 31 percent bought it to utilize as part of a retirement plan.
Forty-five to 54 year olds who own life insurance were spurred to do so because of marriage (39 percent) followed by retirement planning (25 percent) and home ownership (25 percent). This age group felt most comfortable due to their purchase of life insurance with 69 percent of them saying that they feel secure as a result of owning life insurance.
