Hartford Life Survey Shows Interesting Results
According to the "Insights & Expertise" section on the Hartford Life website, employees with lower incomes are behind in life insurance participation when compared to workers with higher income. They also have less knowledge about life insurance products. This is based on a survey conducted by The Hartford Financial Services Group, Inc. America's lower income and less educated employers are behind when it comes to understand how life insurance works. The research also shows that younger workers have lower life insurance knowledge which is probably to be expected given less life experience overall.
The survey breaks down the groups that are less likely to understand life insurance and have proper coverage. The national survey of full-time workers showed employees with only a high school education had the lowest understanding of life insurance and were less likely to get coverage. Only 30% of respondents with only a high school education said they fully understand life insurance.
This is a great time to release these results in honor of Life Insurance Awareness month. Ron Gendreau, executive vice president of The Hartford's Group Benefits, is concerned that many working Americans are putting their family's financial situation at risk. It doesn't matter what your income level is. Everyone can benefit from life insurance and it can be very affordable. They are encouraging all employees to get educated on life insurance and how it works to ensure they have the protection they need.
Experts are encouraged that the survey found that more workers across all generations have signed up for life insurance in the past few years. There is still a huge opportunity to get the word out to younger generations, but they are headed in the right direction. Young, single adults do tend to need less coverage so many choose to go without it, but with how affordable rates can be it only makes sense to at least consider getting Hartford life insurance quotes.