18 ID Trends NAILBA
Consumer sentiment study :
What role does financial planning play ?
As consumers continue emerging from a global pandemic , they ’ re making it their numberone priority to protect their income and retirement savings . In the MassMutual Consumer Sentiment Study , participants were drawn from middle income to high net worth households and expressed their thoughts on financial future and investing in financial products .
Lisa Todd Head of Life & Disability Insurance Distribution at MassMutual Strategic Distributors .
When life returns to normal , before I start spending any money available , I want to first take care of my financial future .
I am not making investments in financial products until the pandemic is under control .
MIDDLE |
|
RISING |
HIGH |
MARKET |
AFFLUENT |
AFFLUENT |
NET WORTH |
% COMPLETELY / SOMEWHAT AGREE 73 % 61 % 79 % 53 %
36 % 22 % 19 % 15 %
Interest level for DII
The MassMutual Consumer Sentiment Study also shows that many consumers intend to purchase Disability Income Insurance ( DII ) and Permanent Life Insurance . Those actively considering DII pointed to a broader array of product benefits as reasons for purchasing versus the reasons cited by existing owners .
Reasons to buy
Among participants from Affluent households who are considering purchasing DII : Over 90 % cite protecting family in the event of an unexpected illness or event Over 90 % cite feeling more confident about financial wellbeing 90 % cite protecting their income in the event of an unexpected illness or event Over 80 % cite securing their future earnings 80 % cite covering / protecting retirement
Other recent findings Active market demand for DII — 79 million consumers * 47 % of participants in the 2021 LIMRA Barometer Study said they need DII
“ Whether I should buy riskier options and take more chances to try and grow my wealth . Also , shoring up my cash reserves .”
~ High Net Worth
Source : Consumer Sentiment Study , MassMutual ( 2020 ): https :// mmsd . massmutual . com / mmsd / di / SDP3033 . pdf
Insurance products issued by Massachusetts Mutual Life Insurance Company ( MassMutual ) ( Springfield , MAO 1111 ) and its subsidiaries , C . M . Life Insurance Co . and MML Bay State Life Insurance Co . ( Enfield , CT 06082 ).
© 2022 Massachusetts Mutual Life Insurance Company ( MassMutual ®), Springfield , MA 01111-0001 . All rights reserved . www . MassMutual . com . MM202509-302753
Sources : Consumer Sentiment Study , MassMutual ( 2020 ); * The Insurance Barometer Study , LIMRA & Life Happens ( 2021 )