Oct 10
6
Life insurance is not something that comes up in everyday conversation. Many Americans avoid speaking about the topic with their spouses and family members.
State Farm Life recently surveyed 1,001 Americans above the age of 18 about the issue. Around 62% of those questioned said life insurance is more important to them than it was two years ago due to the economic state. Even so, 74% said that they avoid discussing the issue because of the economic pressure and due to the fact they rather not bring up the death of a loved one.
Nearly half of the people surveyed agreed bringing up life insurance when a loved one looses a job tended to make the topic more sensitive and in turn have a negative effect on the mood of conversation.
Sixty-four percent of woman said they rather not discuss the topic of being the sole family income in the case something happened to their husbands, where in return only 47% of men felt the issue was a touchy subject.
According to Professor Mary Quist-Newins, State Farm Life Insurance chair for Women and Finance at the American College, “More Americans are struggling with job losses, pay cuts and other financial setbacks. These factors amplify feelings of anxiety and create a greater need to ensure the security of loved ones. Women in particular appear to be especially silent on this topic and this is troubling when increasing numbers of women are becoming primary income earners for their families.”
Around 1/3 of American homes are without life insurance according to LIMRA, the highest percentage in over 40 years. The main reason there are so many without coverage is due to high cost.
Among those surveyed only 32% said they were working towards achieving a financial surplus, where as 52% said they were working just to get by. Chief Administrative Officer at State Farm Life, Joe Monk, summed up the results by urging more couples to sit down and discuss the issues. That longer you wait to discuss life insurance, the more likely financial strain could be a future result.
