Genworth 2012 LifeJacket Study Preview: Wide Gap in Life Insurance Coverage Remains Report Also Indicates A Correlation Between An Individual's Education Level and The Amount of Life Insurance Owned
RICHMOND, Va., June 21, 2012 /PRNewswire/ -- A new Genworth survey indicates that Americans still don't have as much life insurance as they should, but college-educated adults tend to be better protected.
For the second consecutive year, Genworth's LifeJacket Study points out a significant gap between the amount of life insurance most Americans own and what they may actually need. "Closing this coverage gap and bringing consumers to the table is one of our highest priorities," said Janet Deskins, Genworth senior vice president for life insurance products.
The study also suggests the gap tends to be substantially narrower for the college educated. Insured adults who attended or graduated college have 2.5 times the amount of life insurance coverage than adults who did not graduate high school or who only have a high school diploma. For adults with a high school diploma or less, 60% don't have any life insurance, while only 44% of college educated adults have gone without. "As an industry," Deskins said, "our challenge is to persuade people from all parts of American society to view life insurance as a strategic financial asset -- a tool to help families achieve their financial goals and protect what is most important to them. Without coverage, a single event can defer and ultimately deny a family's dreams of a secure financial future. That's the education correlation: financial literacy empowers people to make informed and responsible choices."
Deskins said that life insurers like Genworth have worked hard to educate buyers on the importance of periodic checks to ensure adequate coverage. "For what it costs to buy about three cups of coffee a month, a person could add enough additional coverage to meet their current needs," she said.
She added that young singles, who may not be predisposed to buy life insurance, would be wise to seriously consider locking in today's low prices and purchase coverage now. Deskins said life insurance is as affordable as it's ever been and prices may not be this low again.
She added, "A financial advisor can help determine whether you have a coverage gap and offer advice on how to best ensure you have adequate coverage. Genworth also provides an easy to use online calculator to help you determine the right amount of coverage." (http://tinyurl.com/bvhku6r)
More details from the Genworth's 2012 LifeJacket research will be released next month.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth has approximately 6,400 employees and operates through three divisions: Insurance and Wealth Management, which includes U.S. Life Insurance, Wealth Management and International Protection segments; Global Mortgage Insurance, which includes U.S. and International Mortgage Insurance segments; and the Corporate and Runoff division. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, Inc., which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit genworth.com. From time to time, Genworth Financial, Inc. releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com.
SOURCE Genworth Financial, Inc.