The Life Insurance and Market Research Association recently did a survey of how American people view life insurance finances, here are some findings:
- 65% of adults agree that they personally need life insurance and 27% say they need more than they have.
- 31% say they’d feel the financial impact from the death of the primary wage earner in 1 month.
- 52% of those age 25-34 are very/extremely concerned about having enough money for retirement.
- 47% of those age 35-44 are very/extremely concerned about having enough money for retirement.
- 80% of Americans overestimate the cost of life insurance.
- Those under 25 overestimate the cost of life insurance by 10 times.
- 59% haven’t bought life insurance or more of it because they have “other financial priorities.”
- Financial priorities: 52% put expenses such as cable and cell phone ahead of buying life insurance.
- Financial priorities: 1 in 5 pay for activities like eating out over buying life insurance.
- 24% haven’t bought life insurance because “no one has approached me.”
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