Younger Consumers Would Like To Receive Life Insurance Benefits As Monthly Income
June 22, 2016 by LIMRA
WINDSOR, Conn., June 21, 2016 — A new LIMRA study shows consumers under age 40 would prefer to receive life insurance benefits as a monthly income rather than a lump sum payment.
In a study on life insurance product designs, 4 in 10 consumers under age 40 prefer a monthly income benefit while approximately 30 percent favor a lump sum payment (Chart).
“People buy life insurance for income replacement, but most often the benefit is paid as a lump sum,” said Scott Kallenbach, research director, LIMRA Strategic Research. “Our research suggests that products offering monthly income would have strong appeal among younger and middle class consumers and could be a way to more effectively reach them.”
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