Friday, May 18,2012
By: Carrie Van Brunt-Wiley
A recent poll of life insurance buyers by Deloitte finds that gaining coverage is a major financial goal for many people, even though most of them have not been approached about buying coverage.
The survey found that 70 percent of those who had life insurance said it was one of their top five financial goals. That response was also true for 45 percent of those who did not have coverage. Many people also planned to buy new or more life insurance in the next 24 months.
"From our survey it is clear that life insurance is very much on the minds of many consumers," said Rebecca Amoroso, vice chairman and U.S. insurance leader for Deloitte. "A significant percentage of respondents have simply not been offered coverage recently; many also noted that they never shop for coverage on their own initiative."
Some respondents added that they weren't sure what the appropriate level of coverage for them would be, which Deloitte executives said was a sign that consumers didn't understand the cost.
Other recent studies have found similar confusion. A study completed by LIMRA and the LIFE Foundation found that many consumers thought life insurance was nearly three times as expensive as it really is.
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