Genworth 2012 LifeJacket Study Preview: Wide Gap In Life Insurance Coverage Remains

RICHMOND, Va., June 21, 2012 /PRNewswire/ -- A new Genworth survey indicates that Americans still don't have as much life insurance as they should, but college-educated adults tend to be better protected.

For the second consecutive year, Genworth's LifeJacket Study points out a significant gap between the amount of life insurance most Americans own and what they may actually need.  "Closing this coverage gap and bringing consumers to the table is one of our highest priorities," said Janet Deskins, Genworth senior vice president for life insurance products.

The study also suggests the gap tends to be substantially narrower for the college educated.  Insured adults who attended or graduated college have 2.5 times the amount of life insurance coverage than adults who did not graduate high school or who only have a high school diploma.  For adults with a high school diploma or less, 60% don't have any life insurance, while only 44% of college educated adults have gone without. "As an industry," Deskins said, "our challenge is to persuade people from all parts of American society to view life insurance as a strategic financial asset -- a tool to help families achieve their financial goals and protect what is most important to them.  Without coverage, a single event can defer and ultimately deny a family's dreams of a secure financial future.  That's the education correlation: financial literacy empowers people to make informed and responsible choices."

Deskins said that life insurers like Genworth have worked hard to educate buyers on the importance of periodic checks to ensure adequate coverage. "For what it costs to buy about three cups of coffee a month, a person could add enough additional coverage to meet their current needs," she said. 

She added that young singles, who may not be predisposed to buy life insurance, would be wise to seriously consider locking in today's low prices and purchase coverage now.  Deskins said life insurance is as affordable as it's ever been and prices may not be this low again. 

1 2 Next › Last »