With Life Insurance, Many Americans Can Sit Back, Relax and Feel Secure Due to their Preparation
ST. LOUIS–(BUSINESS WIRE)–As summer comes to a close, Americans begin to reminisce about how they spent their summertime, which usually included relaxing on the beach, sipping ice-cold lemonade and reenergizing with mid-day naps. Although many Americans unwind during the sunny summer months, most are not so carefree when it comes to being prepared for unexpected life events; however, there are still some who aren’t as prepared as they could be. But, with Life Insurance Awareness Month right around the corner (in September), this is the perfect time to make sure everyone understands the benefits, financial security and freedom that often comes with having life insurance.
A new national survey by the parent company of Anthem Blue Cross and Blue Shield in Missouri found that more than half of Americans surveyed say they have life insurance. Results of the survey also showed that parents in particular (64 percent) are planning ahead with life insurance.
The survey also showed that while nearly half of Americans find purchasing life insurance stressful, they know they need it to protect their families. In addition, nearly half (45 percent) of Americans with life insurance are paying their bills on time, keeping a savings account, and working to reduce debt to prepare for their financial future. And, more than half (55 percent) of the survey participants who are parents believe having life insurance is a way to be prepared for their financial future.
“When it comes to life insurance, we want members to think about the benefits and reassurance it can provide in very difficult times,” said Steve Martenet, president of Anthem Blue Cross and Blue Shield in Missouri. “Life insurance can help guard against the need to make drastic changes to future plans if the unexpected occurs.”
Even though life insurance is a difficult subject for some people, the results of the survey show that parents have thought about the possibility of an unforeseen event, and for that reason, they have secured a plan to provide their families with stability.
However, those in the Generation Y category (ages 18 to 34) are slightly reluctant to sign up for a plan, with 22 percent worrying that they will jinx themselves by purchasing life insurance.
The survey also found that 60 percent of Americans admit they have never thought about life insurance as a retirement investment. Nevertheless, this is another benefit for people to keep in mind with regards to life insurance.
Additional survey results found:
- A quarter of Americans (25 percent) believe single people don’t need life insurance.
- Men are significantly more likely than women to agree that single people don’t need life insurance (29 percent versus 22 percent).
- Younger Americans (18-34 year olds and 35-54 year olds) are significantly more likely than Americans who are 55 years old and older to agree with this statement.
- Forty four (44 percent) of Americans don’t believe life insurance will provide for their family.
- Americans who are 55 years old and older are significantly more likely than their younger counterparts to share this sentiment.
- Forty four (44 percent) of Americans say that what their parents needed from their life insurance is not what they are looking for now.
- Men are significantly more likely than women to say that what their parents needed from their life insurance isn’t what they are looking for now (49 percent versus 40 percent).
The online omnibus survey was conducted using the field services of Taylor Nelson Sofres (TNS). The study reached a national sample of 2,500 American adults ages 18 and older. The study also looks at findings across gender, age, parental status, and experience with disability. For the purposes of this study, parents refer to parents with a child under 18. The margin of error for the national sample is ±2.0% at the 95% confidence level. This means that if we were to replicate the study, we would expect to get the same results (within 2.0 percentage points) 95 times out of 100.
from Businesswire
