And when ‘Life Happens’, many realize a disconnect
As we move further into the new year, Americans are focusing on resolutions to help them meet goals in various aspects of their life – including their personal finances.
According to a recent survey from Life Happens, a nonprofit organization dedicated to educating consumers about the importance of life insurance, there is a wide disconnect between the values individuals hold, and the actions they take to meet those goals.
When respondents were asked to indicate what they plan to leave their loved ones if they were to pass away tomorrow, more respondents indicated that they would leave behind family photos (54%) than a death benefit from a life insurance policy (49%) for their loved ones.
Although the majority of Americans understand the value of life insurance, they still are not making it a priority and getting the coverage they need to protect their families. And while we all value the memories conjured up by a photo, life insurance is the safety net that helps surviving dependents move on and create new memories.
Life Happens, and its CEO, Marv Feldman, has released this data showing the many benefits of life insurance. It is a timely topic as Americans set their goals for 2016.
Additional Survey Data:
When thinking about guaranteed or overall value, which of the following do you think provides the most valuable return for your money?
- 29% Investing in the stock market
- 29% Buying a life insurance policy
- 21% “Flipping” a house/short-term real estate investment
- 9% Playing the lottery
- 7% Buying cell phone warranty protection
- 6% Starting a collection, such as stamps or memorabilia
Which types of insurance would you say you need to have?
- 71% Car insurance
- 63% Life insurance
- 57% Homeowner’s Insurance
- 23% Credit card fraud insurance
- 21% Renters insurance
- 17% Cell phone warranty protection
- 14% Travel/trip protection
- 12% Rental car liability
- 9% None of these
If you were to pass away tomorrow, which of the following, if any, would you leave behind for your loved ones? Please select all that apply.
- 54% Your family photos
- 49% The death benefit from a life insurance policy
- 46% Your house
- 45% Your most valuable possessions, such as jewelry and china
- 45% Your collectibles, memorabilia, or collection of books
- 30% An inheritance
- 30% Your family recipes
- 9% Other
- 8% None of these
This research was conducted by KRC Research from Sept. 7-9, 2015 via an online survey of 1,022 adults in the United States.
About Life Happens
Life Happens is a nonprofit organization dedicated to helping consumers take personal financial responsibility through the ownership of life insurance and related products. The organization does not endorse any product, company or insurance advisor. Since its inception in 1994, Life Happens has provided the highest quality, independent and objective information for people seeking help with their insurance buying decisions. The organization supports the insurance industry by providing marketing tools and resources and convening the industry each September for Life Insurance Awareness Month. Life Happens is supported by more than 140 of the nation’s leading insurance company and financial services organizations. To learn more, visit www.lifehappens.org.