Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU,...
-
Upload
jacob-pierce -
Category
Documents
-
view
217 -
download
0
Transcript of Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU,...
![Page 1: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/1.jpg)
Monitoring Attitudesof the Public
2002
ACLI Webcast
December 12, 2002
By Brian Perlman, Ph.D., CLU, ChFC, FLMI
Mathew Greenwald & Associates
![Page 2: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/2.jpg)
2
Methodology
• 1,060 Telephone Interviews
• 440 $75K+ with Oversample
• Conducted in June 2002
![Page 3: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/3.jpg)
3
Issues
• Image of the industry
• Industry comparisons
• Insurance marketplace
• Life insurance product
• Risk classification and privacy
• Retirement and Annuities
![Page 4: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/4.jpg)
4
Image of the Industry
![Page 5: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/5.jpg)
5
0%
10%
20%
30%
40%
50%
1990 1991 1992 1993 1994 1995 1996 1997 1998 2000
Very/Mostly favorableHalf-and-halfVery/Mostly unfavorableNo opinion
Attitudes Toward Life Insurance Industry (MAP 2000)
![Page 6: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/6.jpg)
6
Attitudes Toward the Life Insurance Industry (2000-2002)
15%
48%
23%
9%
20%
42%
17%13%
Very favorable Somewhatfavorable
Somewhatunfavorable
Veryunfavorable
2000 2002
![Page 7: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/7.jpg)
7
64%
74%
81%
83%
64%
70%
77%
77%
2000 2002
Attributes Associated with Life Insurance Industry
% Strongly or somewhat agree
Financially strong
Professional
Meets commitments
Trustworthy
![Page 8: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/8.jpg)
8
Agree Companies Have High Ethical Code
14% 20%34%
19% 11%
43%45%
41%
46%
35%
Lifeinsurancecompanies
2000
Lifeinsurancecompanies
2002
Banks Mutual fundcompanies
Stockbrokerage
firms
Strongly agree Somewhat agree
65%
75%
46%
65%
57%57%
![Page 9: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/9.jpg)
9
Agree Representatives are More Interested in Making Commissions Than Selling the Right Products
38% 46%26% 27%
30%30%
36% 27%
Life insurancecompanies
Stockbrokerage firms
Mutual fundcompanies
Banks
Strongly agree Somewhat agree
68%76%
54%62%
![Page 10: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/10.jpg)
10
Industry Comparisons
![Page 11: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/11.jpg)
11
Favorable Opinion of Financial Service Industries
62% 63%
43%
56%60%
74%
% Very or somewhat favorable
Life insurance companies
Banks Mutual fund
companies
Stock brokerage
firms
Financial planning
firms
Financial services in
general
![Page 12: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/12.jpg)
12
Industry Best Described by Various Statements
46%
19%
29%
31%
16%
20%
22%
47%
14%
9%
12%
8%
Life insurancecompanies
Stock brokeragefirms
Mutual fundcompanies
Banks
Offers products that help people
save for retirement
Best for variety of products
Knowledgeable source for
investment advice
![Page 13: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/13.jpg)
13
Industry Best Described by Various Statements (continued)
12%
25%
25%
32%
21%
9%
10%
23%
38%
33%
5%
30%
Life insurancecompanies
Stock brokeragefirms
Mutual fundcompanies
Banks
Protect against financial
uncertainties
Products guarantee
retirement income
Offers products for every stage
of life
![Page 14: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/14.jpg)
14
Mutual Fund Industry Best at Retirement Products by Income
52%56%
51%47%
44%38%37%
<$20,000 $20,000-$29,000
$30,000-$39,000
$40,000-$49,000
$50,000-$74,000
$75,000-$99,000
$100,000+
![Page 15: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/15.jpg)
15
Life Insurance Industry Best at Retirement Products by Income
13% 14% 14%
11%9%
12%12%
<$20,000 $20,000-$29,000
$30,000-$39,000
$40,000-$49,000
$50,000-$74,000
$75,000-$99,000
$100,000+
![Page 16: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/16.jpg)
16
Industry Best at Protecting Against Uncertainty -- General Population Vs. Affluent
38%
25%21%
5%
48%
21% 19%
6%
Life insurancecompanies
Banks Mutual fundcompanies
Stockbrokerage firms
General sampleAffluent sample
![Page 17: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/17.jpg)
17
Type of Financial Company Would Recommend to a Friend – General Population vs. Affluent
39%
30%
13%10%
4%
31%
37%
18%
7% 5%
Banks Mutual fundcompanies
Stockbrokerage
firms
Lifeinsurancecompanies
None
General sampleAffluent sample
![Page 18: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/18.jpg)
18
Reason Why Would Recommend to a Friend
55%
47%44% 44% 42%
25%
Deal withsomeone
Financialstrength
Advice Timelytransactions
Return Variety ofProducts
% Extremely important% Extremely important
![Page 19: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/19.jpg)
19
Life Insurance Product
![Page 20: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/20.jpg)
20
Adequacy of Household’s Life Insurance Coverage
37% 38%
28% 29%
44%39%
60% 58%
6% 6% 5% 6%
1997 1998 2000 2002
Should have moreCoverage about rightHave more than needed
![Page 21: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/21.jpg)
21
65%
25%
6% 4%
41%
24%20%
15%
Strongly agree Somewhat agree Somewhatdisagree
Strongly disagree
Most people should have some form of life insurance coverage
Life insurance is as much of a necessity as food, clothing and shelter
Agreement With Life Insurance Statements
![Page 22: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/22.jpg)
22
Agreement that Most People Should Have Some Form of Life Insurance
67%
23%
5% 3%
65%
25%
6% 4%
Strongly agree Somewhatagree
Somewhatdisagree
Stronglydisagree
2000 2002
![Page 23: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/23.jpg)
23
Agreement that Life Insurance Is a Necessity
38%
30%
19%
12%
41%
24%20%
15%
Strongly agree Somewhatagree
Somewhatdisagree
Stronglydisagree
2000 2002
![Page 24: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/24.jpg)
24
Financial Professional Most Often Used For Planning Finances
28%
24%
14%
9%7% 7%
11%
Bank rep Financialplanner
Accountant Lawyer Lifeinsurance
rep
Stockbroker None of theabove
![Page 25: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/25.jpg)
25
Retirement
![Page 26: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/26.jpg)
26
Satisfied With Household’s Financial Situation
23%
50%
15%11%
34%
52%
10%4%
Very satisfied Somewhatsatisfied
Somewhatdissatisied
Verydissatisfied
General sampleAffluent sample
![Page 27: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/27.jpg)
27
Evaluation of Retirement Income
44%
14%7%
32%
68%
12%3%
17%
Enough to livecomfortably
Just enough tocover costs
Not enough tolive on
Don't know whatincome will be
General sampleAffluent sample
![Page 28: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/28.jpg)
28
Evaluation of Retirement Income
37%
18%
9%
33%
3%
44%
14%
7%
32%
3%
Enough tolive
comfortably
Just enoughto cover costs
Not enoughto live on
Don't knowwhat income
will be
Don'tknow/Ref.
2000 2002
![Page 29: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/29.jpg)
29
Importance of Future Financial Concerns
24%
33%
57%
57%
28%
35%
33%
34%
Extremely important Very important
91%
90%
68%
52%
Being able to afford any medical expenses that come up
Having a guaranteed income throughout your retirement
Being able to afford long-term nursing and home care
should you need it
Being able to provide an inheritance for your family when
you die
![Page 30: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/30.jpg)
30
Difficult to Predict How Much Money Is Needed for Retirement
51% 51%35% 35%
28% 26%
30% 31%
2000 2002 2000 2002
79%
65%
78%66%
General sampleGeneral sample Affluent sampleAffluent sample
Strongly agree with statement
Somewhat agree with statement
![Page 31: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/31.jpg)
31
Tax Deductible Savings From Work Are an Important Source of Retirement Savings
56% 64%
24%23%
General sample Affluent sample
80%87%
Strongly agree with statement
Somewhat agree with statement
![Page 32: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/32.jpg)
32
Estate and Inheritance Planning is Important to Me
44% 46%
31% 34%
General sample Affluent sample
75% 80%
Strongly agree with statement
Somewhat agree with statement
![Page 33: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/33.jpg)
33
Would like Employer to Make Available More Information on Retirement Planning
47%
22%
25%
35%
General sample Affluent sample
69%60%
SomewhatStrongly a
Strongly agree with statement
Somewhat agree with statement
![Page 34: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/34.jpg)
34
Risk Classification and Privacy
![Page 35: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/35.jpg)
35
Factors that Should be Considered in Determining Policy Cost
13%
13%
25%
26%
46%
49%
53%
69%
18%
16%
26%
23%
42%
49%
52%
68%
Genetic information
Gender
Family history of illness
Cholesterol level
Cancer
Age
Hazardous hobby
Smoking
2000 2002
![Page 36: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/36.jpg)
36
Recall and Understanding of Privacy Statements
No30%
Yes67%
Yes72%
No28%
No19%
Yes78%
Remember receiving Remember receiving a statement from a statement from
Financial Institution Financial Institution regarding privacy regarding privacy
rightsrights
Read one of Read one of these statementsthese statements
Understood the Understood the Company’s Privacy Company’s Privacy
Practices After Practices After ReadingReading
![Page 37: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/37.jpg)
37
Aware That Some Privacy Statements Allow Customers to Prevent Companies From Sharing Their Financial Information
Yes84%
No15%
![Page 38: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/38.jpg)
38
Annuities
![Page 39: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/39.jpg)
39
Importance of Annuity Features
34%
35%
56%
55%
60%
62%
71%
41%
45%
31%
34%
29%
29%
21%
Very important Somewhat important
92%92%
91%91%
89%89%
89%89%
87%87%
80%80%
75%75%
You/Your spouse can get a You/Your spouse can get a guaranteed income for lifeguaranteed income for life
It is a safe purchaseIt is a safe purchase
You want a long-You want a long-term savings planterm savings plan
The earnings are not taxed The earnings are not taxed until the funds are useduntil the funds are used
Provides money if you/ Provides money if you/ spouse need long-term carespouse need long-term care
Can choose to put money in Can choose to put money in fixed accounts and equitiesfixed accounts and equities
Don’t have to begin with-Don’t have to begin with-drawing money at 70 1/2drawing money at 70 1/2
![Page 40: Monitoring Attitudes of the Public 2002 ACLI Webcast December 12, 2002 By Brian Perlman, Ph.D., CLU, ChFC, FLMI Mathew Greenwald & Associates.](https://reader031.fdocuments.net/reader031/viewer/2022012918/56649e055503460f94af0f66/html5/thumbnails/40.jpg)
40
Products Best at Various Goals
23%10%
46%
19%
18%
21%
21%
20%
26%
32%
37%
28%
14%
21%
10%
11%
6%
11%
26%
21% Stocks
Annuities
MutualFundsCDs
Guaranteeing a retirement income you can never
outlive
Providing flexibility in managing your
investment options
Having an attractive investment return
Offering tax benefits
Offering safety of principal