Life Insurers Must Compete Harder With ‘Passing the Hat’: Prudential
October 30, 2019 by Allison Bell
Prudential Financial Inc. has a message for life insurance professionals, other insurers, and the general public: buying life insurance is a much better deal than “passing the hat” to come up with the cash to pay for a funeral.
The Newark, New Jersey-based insurer recently found, when it conducted a survey through Twitter, that 49% of the survey participants had contributed to a memorial or funeral expense crowdfunding campaign in the past year.
About 22% of the 18,613 participants said they had contributed to a final expense crowdfunding effort for a friend or relative, and 13% said they had contributed to a final expense crowdfunding effort for a stranger.
Salene Hitchcock-Gear, the Prudential executive who posted the survey tweet, expressed sadness about many people’s reliance on crowdfunding to pay for funerals.