Life Insurance: Coverage Has Never Been More Important
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ING's survey found that 78%
see life insurance as an essential part of financial planning. |
Although life insurance isn't a topic of conversation many Americans want to have, the results of a new survey from ING reveal that coverage has never been more important than it is today.
ING released the findings of the study in honor of Life Insurance Awareness Month. Culled from consumer responses, the "Insurance Revealed" report found that 78 percent of respondents envisioned life insurance as an essential tool not only for financial planning, but for estate planning as well. In addition, 53 percent of respondents said they believe the current state of the economy makes life insurance even more important than in past years.
“Life insurance is one of the least discussed components of a family’s financial plan, yet it plays such an integral role in providing for a secure future,” said Butch Britton, CEO of ING U.S. Insurance. “Without candid conversations among spouses, family members and financial professionals, many Americans risk being underinsured and having inadequate coverage in the event of a loss."
Consumer Awareness and Life Insurance
The survey also found that 51 percent of respondents cited numerous obstacles getting in the way of securing a life insurance policy, including paying off debt or keeping up with a mortgage. Also, 61 percent said they had never calculated their needs in terms of life insurance coverage, and only a quarter of respondents said they felt extremely confident they had enough coverage.
"We hope our study and outreach efforts, especially during Life Insurance Awareness Month, can help initiate the necessary conversations that lead to greater protection and, ultimately, greater peace of mind," Britton added.
The survey from ING isn't the only one that showed more Americans are in need of life insurance coverage. MetLife's 10th Annual Employee Benefits Trends Study released last week found that newlyweds are prime targets for life insurance companies. Marriage can be a jumping-off point for numerous heavy financial decisions, including whether or not to buy a life insurance policy and, if bought, how much coverage is needed.
If you're interested in learning more about your options, compare types of life insurance and get quotes online.
