Survey finds insurance is "hot"

COLUMBUS, Ohio – A new survey finds that the time is now for financial institutions to expand sales to high-income clients by cross-selling protection solutions such as variable annuities and life insurance. According to a 2002 Nationwide Financial Survey of High-Income Professionals, 53% of high-income professionals would consult a financial institution first for fixed-rate account and the number of affluent investors using financial institutions for help with financial planning has more than doubled since last year from seven percent to 18%. The survey also finds that there is a growing appeal of protection products like annuities and insurance. Yet, despite the appeal 25% report that they are not at all knowledgeable about variable universal life insurance, variable annuities, income annuities or long-term care insurance. Conducted by Greenwald & Associates, the survey polled 500 people under the age of 60 with annual household incomes of at least $150,000 per year.