A new study says consumers that are aware of the disparity in income between themselves and the more fortunate often tend to be less happy.
The research, published in the journal Psychological Science, revealed people tend to be happier when they think there's a level of equality in terms of income between themselves and those around them.
Many may find themselves at a disadvantage financially - especially without the safety net of life insurance - making them more cognizant of the financial security of their peers, said researchers. The issue has become more significant in recent years.
"Income disparity has grown a lot in the U.S., especially since the 1980s. With that, we've seen a marked drop in life satisfaction and happiness," said University of Virginia psychologist Shigehiro Oishi, who conducted the study. About 60 percent of Americans - those in lower income brackets - said they felt this way.
Older Americans who have prepared for retirement with a term life insurance may put themselves in the best position to prosper regardless of their income level. Experts recommend a thorough financial planning strategy enhanced by life insurance.