Devoted to the Insurance industry and all thing related

The results from a life insurance study commissioned by Country Insurance & Financial Services were not too surprising.  Women know the importance of having life insurance but appear to have “less coverage than men” according to a press release on Earthtimes.org.

Some of the results include the following:

“More women (76 percent) rate life insurance as very or somewhat important than men (69 percent).  

Only 14 percent of women report having coverage for three years of their current income.

Three quarters (73 percent) of Americans feel that life insurance is very or somewhat important, but nearly a third (30 percent) are not insured and just 17 percent have enough coverage to provide more than three years of their current income.

 

African Americans place more importance on life insurance than white or Hispanics, with 86 percent rating it as very or somewhat important.   However, they are least likely among the three groups, at 13 percent, to have coverage of more than three years their current income. - Hispanics are more likely than whites and African Americans to have no life insurance coverage (43 percent).”

I’m most amazed at the amount of people, 17 percent, with only enough insurance coverage to provide for more than 3 years of their current income.  The cost of a term life policy is minimal for the amount of coverage a person can get.  Of course the reason behind the lack of sufficient coverage is ignorance.  If we taught the basics of savings, investments, credit cards, mortgages, debt and insurance in our schools more adults would be better prepared.