Survey Shows Women Lack Life Insurance Knowledge
While women hold one half of the nation’s 132 million jobs, a recent survey shows that they understanding less than their male counterparts when it comes to using benefits like life insurance to protect their income. The data, released by the U.S. Bureau of Labor Statistics, was researched by The Hartford Financial Services Group.
Here are a few facts from the study:
- 64% of women wage earners say they completely or mostly understand life insurance benefits, as opposed to 79% of men.
- 61% of women say they have life insurance through their employer, as opposed to 68% of men.
- 28% of women say they have a will, while 42% of men have one.
Another interesting find in the survey was that women are less comfortable than men in discussing end-of-life issues with the family, something that could have an effect on the number of women who actually pursue life insurance and other income-protecting benefits like disability insurance.
However, the assistant vice president of marketing of The Hartford’s Group Benefits Division believes that being able to discuss these issues is just what’s needed to take the right steps toward protecting the family financially.
The good news is that it’s not too late for both women and men to take the necessary steps to obtain the proper life insurance coverage. Here are some ideas to help you get started:
- Start with your employer – If your employer offers life insurance coverage, this is probably the cheapest and most comprehensive way to get covered. If you didn’t sign up when first employed, take advantage of annual open enrollment. You can learn more from your employer’s HR department.
- Search policies online – If you can’t get a policy from your employer – or aren’t employed at the moment – you can easily search policies online in places for great life coverage options.
- Adjust your policy for life changes – Once you obtain your policy, if you get married or have a baby, you want to review your policy and make adjustments that consider features like spousal coverage. And of course, you want to add beneficiaries and maybe even increase the payout amount.
Knowledge of life insurance benefits is paramount in protecting your income in the event of an unexpected tragedy. So take time to learn what it takes to get covered. You definitely won’t regret your decision.