A new study finds consumers under age 40 prefer to receive life insurance benefits as a monthly income rather than a lump-sum payment.
The 2016 Life Insurance Barometer study by Windsor-based LIMRA Strategic Research found four in 10 consumers under age 40 prefer a monthly income benefit while approximately 30 percent favor a lump-sum payment.
LIMRA said its 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.
The study found 61 percent of all consumers own life insurance to replace lost income, and 44 percent said they own life insurance to supplement retirement income. These percentages increase among Millennials and Gen-X consumers.
