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Study: consumers confident in life insurance yet underinsured

A major American life insurance company released a study examining consumers’ attitudes toward life insurance, finding that people are more confident in life insurance than stock portfolios or other investments.

Compared to their attitudes 18 months prior, consumers reported decreased confidence in the ability of their investments to provide enough money for retirement. It’s an unsurprising finding, considering the stock market’s volatility.

But a large majority – 78 percent – had the same or greater confidence in the security of their life insurance policies.

Consumers’ faith in their life insurance stems from the fact that their policies are in no way connected to the vagaries of the markets. The study found, however, that only 24 percent of those surveyed had reviewed their coverage in recent months. And few respondents had the recommended level of life insurance – six or more times annual income.

Two-thirds of those surveyed believed that group life insurance issued through an employer should be supplanted with an individual policy, but of those who re-evaluated their coverage, 77 percent had done nothing.

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Posted: October 26, 2009

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