Today, many Americans say they fear outliving their savings more than the premature death of a major breadwinner. And industry sales of individual life-insurance policies are down sharply since the mid-1980s.
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Americans Shun Life Insurance
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“For a society living longer.... pension-fund assets or individual savings have to last for a longer period of time,” said Stephen Pelletier, executive vice president and chief operating officer of Prudential’s U.S.-based businesses. The changing tactic at Prudential is a major reason the firm is on track to become the nation’s biggest U.S. life insurer by assets when MetLife Inc. deliberately shrinks. The rival is set by June 30 to spin off about a fourth of its $898.76 billion in assets into a new company, Brighthouse Financial.
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