According to Anthem, there's a “gap between financial priorities and the use of life insurance as a financial planning tool.” (Photo: Shutterstock)
They may say it's important, but only a little more than half of American employees actually have life insurance.
That's according to a recent survey from Anthem, Inc., which found that although 67 percent of respondents say that life insurance is “important to achieve financial well-being,” only 53 percent of them have coverage. And younger people are less likely to have life insurance than their seniors.
The survey found that not only do younger people overestimate by a huge margin what a life insurance premium might cost them—by as much as five times the actual amount, which could be why they lack coverage—they're far less likely to be covered, at just 24 percent, than the next older generation.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
