According to a recent survey 74% of couples never or very rarely discuss life insurance, despite stating that life insurance is more important a subject to them than two years ago. The research was carried out by KRC Research on behalf of a new State Farm Life Insurance Company and aimed to find out about peoples’ attitudes towards life insurance and the factors which influence them. Over 1000 American adults took part in a random telephone survey in August of this year.
Women less Likely to Initiate a Discussion about Life Insurance
The results of the interviews showed that primary earners within families found it the most difficult to broach the subject of life insurance, with women being slightly less likely to initiate a discussion; 64% of women compared with 47% of men were less prepared to talk about the prospect of being the only breadwinner – showing that life insurance for women is a particular trouble spot.
According to Professor Mary Quist-Newins, Chair for Women and Finance at State Farm Insurance and the American College, “Women, in particular, appear to be especially silent on this topic, and this is troubling when increasing numbers of women are becoming primary income earners for their families.”
Reasons for Avoidance include Economic Insecurity
Reasons for avoidance are thought to include worries about daily economic issues, and fear of upsetting the other partner. But, according to Joe Monk, Vice President and Chief Administrative Officer at State Farm Life Insurance “As awkward as it can be to discuss the potential death of a family member, an uncomfortable discussion today can prevent a devastating financial impact tomorrow.”
The survey found that 62% of those questioned believed that, due to the economic downturn life insurance was more important than ever. But when asked why they were reluctant to discuss this important topic 74% said that simply meeting their families’ immediate financial needs as the sole earner was their main concern – in many cases this having become a struggle. 51% said that they would not be prepared to start a discussion about life insurance in the event of their partner losing their job since they would consider this insensitive, in terms of hurting their feelings.
Encouragingly (85%) the couples questioned believed that it was just as important for stay at home moms and dads to take out life insurance as it was for partners who worked.
Make Time to Talk about Life Insurance
With the current economic instability making plans for the financial future is more important than ever – State Farm’s advice is start small – even becoming more educated about life insurance options is a step forward – and the best way to do this is to consult a life insurance expert who can provide information about all the different options available.
Source:
Insurancenewsnet.com September 2010
photo credit: gripso_banana_prune