A study released in December of 2007 by AXA Equitable (AXA Equitable Protection Report) deals with American Attitudes About Life Insurance.
The study found that many Americans have been “lulled into a false sense of security,” and are relying on employer sponsored group life insurance to meet their personal life insurance needs.
The study discovered:
- While 63 percent of Americans believe life insurance protects their loved ones and provides peace of mind, 34% of them have not purchased coverage themselves and 18 % have no coverage at all.
- The most common reason Americans give for not purchasing life insurance is that it’s provided by their employer.
- The average group life insurance coverage of all American households is $153,000.
- A calculation of existing coverage and needs developed as part of the study reveals that on average, Americans 25 to 65 years of age have an insurance gap of $180,000. Families with financially dependent children have on average the highest gap –$371,000.
- The study discovered that those who feel comfortable about their life insurance coverage are often the most unrealistic about their protection needs. “Nearly half of those with the highest lack of coverage –$755,000 — describe themselves as feeling very well insured.
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