country most affluent when it comes to national insurance course hero

The Needs Of The Mass Affluent Are Often Neglected

Because the mass affluent are not as sought after by financial and insurance professionals as those with a high net worth, they are often caught in the middle between those with higher net worth and those with fewer assets.

Consequences Of An Underserved Mass Affluent Market

Allowing the mass affluent market to make coverage decisions based on automated assessments and quoting systems without professional guidance puts them at high risk for being unwittingly underinsured.

Solutions For Meeting The Needs Of The Mass Affluent

The solution is not to do away with the technology advancements in insurance risk assessment and quoting. In fact, the answer is to embrace innovative technology but in a way that mimics a more consultative approach. However, when doing so, technology should be a part of the consultative process, not its entirety.

The Cost of Raising Children: From Grade School to Graduation

Affluent parents have a realistic idea of what it costs to raise and support a child in today’s America. The Department of Agriculture estimates the average cost of raising a child over their lifetime to be $233,610, and 65 percent of affluent families reported planning to spend $250,000 or more.

Cutting the Purse Strings: Expectations versus Reality

Half of affluent parents reported that they stopped, or plan to stop, supporting their children following college graduation, but first, four in 10 (39 percent) of respondents said they plan to help or helped their child get his or her first post-graduate job.

Leaving a Legacy

Three quarters of affluent parents (71 percent) expect their children to be as wealthy or wealthier than themselves. To prepare their children for the future, 77 percent of affluent parents say they have talked to their kids about saving and investing.

Methodology

This report presents the findings of an online study conducted by Engine, among a sample of 500 parents ages 18 and older who have total household investable assets of $500,000 or more. These online interviews took place September 27-October 7, 2018.

The Cost of Raising Children: from Grade School to Graduation

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Cutting The Purse Strings: Expectations Versus Reality

Leaving A Legacy

Methodology