Americans Cutting Back on Expenses, But Consider Life Insurance a Must

Americans Cutting Back on Expenses, But Consider Life Insurance a Must

NEWARK, N.J.--(BUSINESS WIRE)-- Americans are looking for ways to spend less, but when it comes to life insurance they're holding on to their policies, according to a recent report entitled, The Value of Life in Tough Economic Times issued by Prudential Financial, Inc. (NYSE: PRU)

The study found that 93% of consumers consider life insurance a must. Despite the fact that 70% have cut back on routine expenditures, 84% indicate they view the cost of life insurance as relatively minimal when compared to other items in the household budget.

Life insurance provides peace of mind, which is a valuable asset given today's economic environment, said Jim Avery, president of Prudential's Individual Life Insurance business.

The study also revealed that 95% recognize that life insurance could be significantly more expensive to obtain at an older age and 55% are concerned it could be harder to get coverage due to health conditions. Ask yourself the question: ˜Is my health the same as it was 15, 10 or even 5 years ago?' The answer is very likely to be no, which underscores the reasons for purchasing life insurance earlier rather than later, noted Avery.

Prudential's The Value of Life in Tough Economic Times was conducted in conjunction with the company's sponsorship of Life Insurance Awareness Month (LIAM.) Held each September, LIAM is an industry-wide effort coordinated by the nonprofit Life and Health Insurance Foundation for Education in response to growing concern about the large number of Americans who lack adequate life insurance protection.

This year's spokesperson for Life Insurance Awareness Month is Chris Noth, Sex in the City and Law and Order star. What people may not know is the impact that life insurance had on his life after the sudden death of his father when Chris was 9 years old. A videotaped message of his story can be found on Prudential's website throughout the month of September.

Prudential's The Value of Life in Tough Economic Times is part of a survey entitled Taking a Pulse of American's Changing Life Insurance Needs that was conducted online between June 24 and July 1, 2009. The data was collected for Prudential by MRops, a Pennsylvania based, independent, market research firm.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $580 billion of assets under management as of June 30, 2009, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information call MJF Insurance Agency, Inc. at 866-983-8726. Licensed in NY,NJ,CT,PA and Florida.