Education and income tied to life insurance knowledge

Nov 29, 2010

Life insurance is important for everyone

Like many forms of insurance, understanding the value of life insurance can be difficult for some people. Research from the Hartford Financial Group reveals that some segments of the population are less knowledgeable about life insurance than others.

According to the survey, those who earn less than $50,000 a year are least likely to understand life insurance and sign up for it as a benefit.

Education level also plays a role in a person's understanding of life insurance. The survey results show those with only a high school education are least likely to understand life insurance compared to those who completed college.

The Hartford's group benefits executive vice president Ron Gendreau says Life Insurance Awareness Month serves as a reminder that everyone should have coverage.

"We are concerned that many working Americans are putting their family's financial security at risk. No matter what your income level, you can benefit from life insurance," said Gendreau. "We're encouraging all employees to get up-to-speed on the protection this month."

In 2004 the Life and Health Insurance Foundation for Education established Life Insurance Awareness Month.

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