Milwaukee-based Northwestern Mutual Insurance Co. Inc., a leading provider of financial security planning and solutions, announced that sales of its risk products are up substantially year-to-date.
Sales of life insurance policies have increased roughly 9 percent over the comparable period last year. Sales of disability insurance and long-term care have both seen double-digit gains over the same period last year – with disability up 15 percent and long-term care insurance climbing 13 percent.
“The steady and sustained growth we’ve seen in the sales of our risk products – not just this year, but over the last several years – is evidence that long-term planning, prudent risk management, and an emphasis on financial security have taken hold in America,” said Greg Oberland, Northwestern Mutual executive vice president. “That said, our consumer research also suggests that there’s still room for improvement among many Americans when it comes to financial planning.”
Northwestern Mutual’s Planning & Progress Study, conducted earlier this year, found that a large number of Americans (half of those surveyed) take an informal approach to financial planning, and even more (59 percent) feel their financial planning needs improvement.
The findings also indicate that Americans are feeling risk-averse and cautious with their money. The majority of people surveyed are taking steps to pay down their debt (62 percent), develop a budget (61 percent), save a portion of their paycheck regularly (58 percent) and build up an emergency fund (58 percent).
