According to a new study from MetLife, 45 percent of working women and 28 percent of working men with life insurance have not evaluated their needs since first signing on with their policy, which may leave their families vulnerable in the event of premature death.
MetLife said four in five employees believe their life insurance coverage is adequate, but working women are twice as likely to men they don't know how much insurance coverage they need and are also more likely to underestimate how much is needed, the study said. About 21 percent of women said they don't know how much coverage they need compared to 12 percent of men.
"Honestly assessing your expectations for your life insurance policy is an important step to ensuring you have the right amount of coverage," said Todd Katz, executive vice president of U.S. Business at MetLife. "There's a significant difference between having enough coverage simply to pay for final expenses and also having enough coverage to meet the ongoing needs of a family with children,"
September is Life Insurance Awareness Month, meaning everyone, whether a life insurance policyholder or not, should evaluate their situation and figure out what is needed for them to be covered. The LIFE Foundation said up to 30 percent of U.S. households have no life insurance.