Unsure About Insuring

September 2003
Journal of Financial Planning;Sep2003, Vol. 16 Issue 9, p23
Academic Journal
This article presents the results of a couple of surveys by life insurance companies, which found that consumers are underinsured and confused about life insurance in the U.S. A Hartford Life survey of households with annual income of $100,000 or more found that 54% had between $100,000 and $500,000 in coverage, 11% had less than $100,000, and that 70% believed they had adequate coverage. On the other hand, in a survey by Northwestern Mutual of households with income of $50,000 or more, the insurance giant found that owners of permanent life insurance feel significantly more financially secure than owners of term insurance, that only 14% of those who bought term life insurance invest all the money they saved on premiums, and that 95% of owners of permanent life meet with a financial professional versus 69% of those owning term.


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