Americans worry about providing for their families in the event of their death, but most are unaware of many of the benefits life insurance can provide, according to a new survey from Edward Jones, a financial services firm, and Life Happens, a nonprofit consumer education group.
In the same survey, a quarter of survey respondents said their biggest concern was leaving financial burdens on loved ones if they suddenly became unable to work or died tomorrow. Yet only 41% said they had an individual life insurance policy, and 32% said life insurance was a low or nonexistent priority in starting a family.
"Protecting your assets and aspirations is a critical part of a comprehensive financial strategy," Ken Cella, principal of the client strategies group at Edward Jones, said in a statement.
The survey was conducted by Engine's Online Caravan Omnibus in mid-December among a national sample comprising 1,004 men and 1,004 women 18 and older.
Although Americans generally understand that having emergency funds to cover unexpected financial expenses in the short term is important, many families have not thought about longer-term protection, according to the researchers.
"Having emergency savings is critical in a pinch, but it's not a long-term financial solution, especially if a family's primary breadwinner were to die," Life Happens president Faisa Stafford said in the statement. "That's where life insurance comes in. And the good news is, it's an affordable option for most."
