Most Women Do Not Have Adequate Life Insurance Coverage

According to a survey put out by COUNTRY Insurance & Financial Services, 76% of women recognize that life insurance is either very or somewhat important compared to 69% of their male counterparts that feel the same way. Nonetheless, only 14% of these same women reported having life insurance coverage that is equal to three years of their current income.

“The good news is Americans recognize that life insurance is important. However, it is troubling that women continue to be underinsured despite their contribution to their families, whether they are breadwinners or stay at home parents. Men and women, equally, should take steps to ensure they can preserve their families’ financial security in case of unforeseen events.” – Keith Brannan, director of the financial security office at COUNTRY

As a country, 73% of Americans report believing that life insurance is either very or somewhat important. Yet, 30% are not insured at all. In addition, 69% of those surveyed stated that it was important for both parents to be covered by life insurance, whether both work or one stays home with the kids. Nonetheless, only 7% have coverage for both parents.

The survey also found that certain ethnicities placed more importance on life insurance than others. African-Americans, for example, reported a higher importance than white and Hispanic groups, with 86% stating it was very or somewhat important. At the same time, African-Americans were the least likely to actually have coverage with only 13% having coverage equal to three years of their current income.