A majority of people believe life insurance is a valuable tool for estate and financial planning, but two-thirds of that group cite other priorities as a major obstacle to purchasing life insurance, according to a new ING U.S. study, "Insurance Revealed."

Seventy-eight percent of survey respondents said life insurance was an important tool for estate and financial planning, and 53 percent said they believed the current economy makes life insurance even more important today than in past years.

Fifty-one percent of respondents said that paying off debt or a mortgage were more important than purchasing life insurance, while 61 percent said they had never calculated their life insurance needs and one-quarter of those insured felt extremely confident they had enough coverage.