Meanwhile, the study underscored the important role that the workplace represents in obtaining coverage. Nearly half of insured respondents (49 percent) said they looked to their employer as the only source for insurance coverage. Employees without access to life insurance benefits at the workplace were seven times more likely to have no coverage at all than employees who did have access.
On another positive note, the ING U.S. study revealed individuals who purchased life insurance face-to-face with a financial professional felt the most confident and knowledgeable about their coverage. Among that group, seven-in-ten (70 percent) felt very or extremely confident about their coverage compared to just 56 percent for all insured respondents.
Additional findings from the ING U.S. Insurance Revealed study included the following:
- A majority of parents (54 percent) had not calculated how much life insurance they need to adequately protect their family.
- A majority of uninsured Americans (51 percent) considered life insurance to be an expense they couldn't afford — despite historically low rates.
- More than half (56 percent) of those with life insurance had secured only up to three times or less of their annual salary in coverage.
- More than one quarter (27 percent) felt they should have five to ten times their annual salary in coverage. However, only 17 percent of insured respondents actually had this amount.
- Half of insured respondents knew somebody who was positively impacted by life insurance compared to only one-third (34 percent) of uninsured respondents.
The Facts of Life InsuranceING U.S. is promoting greater awareness and understanding of life insurance through a multi-faceted, ongoing educational effort to mark Life Insurance Awareness Month in September. Intended for both consumers and financial professionals, the ING U.S. initiative highlights the many benefits of life insurance and how it can be used to meet a variety of financial goals.