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."

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 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.