Many Consumers Say They Need More Life Insurance: Global Atlantic

By Allison Bell

News October 16, 2020 at 01:54 AM

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Many Americans may have already sold themselves on the idea that, really, they should have more life insurance.

Global Atlantic has published data supporting that possibility in a summary of results from an online survey of 1,065 U.S. residents ages 25 through 74. All of the participants were involved in making financial decisions for their households.

About 33% of the participants said they have life insurance and believe they have the right amount of life insurance coverage.

Another 19% said they have no need to use life insurance to protect loved ones.

But about 37% said they believe they have too little life insurance.

Of those, about half — 18% of all of the survey participants — said they have no life insurance at all. The rest said they do have some life insurance, but not enough.

Global Atlantic found that 11% of the survey participants were especially hazy about their life insurance coverage: They said they have no idea how much life insurance they need.

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