Just about everyone who is part of some type of family unit is not, by life insurance industry standards, adequately protected by their current level of life insurance.
In fact, on average, consumers are about $1.2 million short, according to Nationwide Financial.
The survey reported that just 29 percent of respondents believe they can afford enough life insurance to replace their household income. However, most consumers think it costs a lot more to buy full insurance coverage that it actually does, Nationwide said.
Citing research by the Life Insurance Marketing and Research Association, Nationwide said “consumers generally overestimate the cost of life insurance by nearly three times.”