Do You Have Enough Life Insurance?
Just over half of employees that have had what is called a “major life change” in the last 18 months believe that they have enough life insurance as reported by The National Underwriter. This research was reported Sept. 30, 2005 in a survey of U.S. employees done for MetLife.
A major life event was defined as having a baby, becoming a grandparent, buying a home, getting married or engaged, changing jobs or sending a child to college. Of the employees having these major life events, 26% said they had less than three times their annual family salary in life insurance thus many of those who answered the survey are underinsured, according to Met.
If this survey is representative, then a substantial number of people are underinsured. 68% of those with children under 18 are concerned about financial security for their family in the event of their death or their spouse’s death, 43% have not yet tried to determine how much life insurance their household needs and 30% of those with life insurance are not sure how much insurance they have.
More than 65% of females stated concerns about what premature death would mean to their families, compared with 50% of the males, but female participants on average own life insurance of only 2.2 times their income. Lifeinsure.com can help a consumer find the proper amount of life insurance with competitive quotes instantly.
Also, you can read about how much insurance one should have by clicking here.
