Majority of Americans feel financially under-protected

Feb 01, 2012

Many Americans feel like they are under-protected.

A new survey from New York Life Insurance Company shows that many Americans are feeling the effects of the sluggish economy in their wallets. The survey found 53 percent of the more than 1,000 people interviewed think they are under-protected, and 19 percent say they are severely under-protected. By researching and comparing quotes online, these individuals may be able to find life insurance coverage that fits within the parameters of their budget.

"The survey reinforces what our agents are hearing in their communities: Significant numbers of Americans are concerned that their financial resources are not adequate to meet both the challenges of today's economy and their future obligations, whether that's paying for their children's educations or their own retirements," said Mark Pfaff, executive vice president in charge of U.S. life insurance and agency at New York Life, adding that financial advisors may be helpful to guide people in planning.

Other statistics of note show that parents without kids feel more protected than those with children, and 63 percent of respondents who are 60 and older think their families are protected compared with only 39 percent of those who are 30 to 59-years-old.

A Guardian Life Insurance survey showed that younger people were confident in their health and life insurance situation but also may be the most under-insured age group. People need to take control of their own life insurance situation and make sure they are protected. 

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