A study released Thursday by Genworth Financial found that almost half of Americans with household incomes between $50,000 and $250,000 do not have life insurance. Those who do own life insurance only have enough to cover 3.6 years of income for their family members.
The 2011 LifeJacket study was completed with the help of Dr. Gregory Fairchild, associate professor at the University of Virginia, Darden School of Business.
"The financial well-being of the average American household has been challenged in recent years," Fairchild wrote in the report. "With a seemingly constant tide of negative, perplexing or unpredictable economic news, clearly some families are retreating, deciding to wait things out and let the spell of 'bad weather' pass."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
