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| Reduction of Term Life Insurance |
A study conducted by Principal Financial Well-Being details how 74% of working Americans have little or no knowledge of term life insurance depreciation.
A spokesperson for a major US short-term life insurance player commented, “Individuals need to protect themselves against the unexpected, especially during tough economic times. For many of us, our home is our greatest asset and that asset can become a significant risk if we become too sick or sick to work.”
The news that so many US workers are in the dark about the reduced essence of term life insurance suggests that more needs to be done to educate about the potential benefits of such policies.
Although this research is not related to the UK market, a recent survey by the Yorkshire Building Society found that only 25.5 million (50%) working Britons have life insurance coverage of any kind.
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