BLOOMINGTON, Ill., May 15 /PRNewswire/ -- When it comes to safeguarding a family's financial future, women have less life insurance coverage than men despite more awareness, according to a new survey by COUNTRY Insurance & Financial Services. The survey finds more women (76 percent) rate life insurance as very or somewhat important than men (69 percent), however only 14 percent report having coverage for three years of their current income.
Nationally, 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.
"The good news is Americans recognize that life insurance is important. However, it is troubling that women continue to be underinsured despite their contribution to their families, whether they are breadwinners or stay at home parents," says Keith Brannan, director of the financial security office at COUNTRY. "Men and women, equally, should take steps to ensure they can preserve their families' financial security in case of unforeseen events."
Who Should be Insured? - Most Americans (69 percent) believe both parents in a household where one spouse works and the other stays home to care for the children should be covered by life insurance, but a meager 7 percent report that to be the case in their home. - Women are more likely (73 percent) to think that both the stay at home spouse and the working spouse should have life insurance coverage than men (64 percent). Discrepancies Among Ethnicities - 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). Other survey findings include: - Stay-at-home parents are more likely (71 percent) to think that both spouses should be insured, however just 31 percent of those households actually have life insurance to cover both parents. - Those who have children are much more likely (26 percent) to have enough life insurance coverage to provide more than three years of their current income than those without children (12 percent). - Nearly a third (30 percent) of those with children report having no life insurance coverage.
The COUNTRY life insurance survey is based on a national telephone survey of 3,000 Americans and is compiled by Rasmussen Reports, LLC, an independent research firm. The margin of sampling error for a survey based on this many interviews is approximately +/- 3 percentage points with a 95 percent level of confidence.
About COUNTRY
COUNTRY Insurance & Financial Services
