CHATTANOOGA, Tenn.,
Sept. 24, 2020 /PRNewswire/
-- The coronavirus pandemic gives millions of
Americans—especially younger adults, those with children at home,
and minorities—an opportunity to reconsider how they manage their
finances.
According to a new Unum (NYSE:UNM) survey,* 41% of adults said
the pandemic has changed how their family handles finances. And
nearly one in four (22%) will consider increasing their life
insurance coverage this year.
Most Americans don't understand how much life insurance they
need—and 45% don't have or know if they have life
insurance—according to the survey.
"The pandemic changed our lives, and it's not a surprise more
people are thinking about how they are protecting their families
with life insurance," said Chris
Pyne, executive vice president of Group Benefits at Unum.
"For most people, the ability to earn an income throughout their
life is the biggest asset they have."
In nearly half (48%) of households, the death of a family's
primary wage-earner would cause financial strain in less than three
months.
While 22% said the pandemic caused them to consider adding
additional life insurance coverage, the numbers are even higher
among several groups, including: households with children (34%),
Black adults (36%), Hispanic adults (38%), Generation Z'ers (38%)
and Millennials (30%).
When asked how much life insurance they need, more than one in
three (36%) of respondents said they just needed the equivalent or
double their annual income. And another 28% believe they just need
three or four times their income.
In fact, Life Happens recommends people have 10 to 15 times
their salary in life insurance coverage for funeral expenses,
household bills and future financial obligations, like education or
retirement, should a wage earner die.
Talk to your company's Human Resources department to learn about
getting life insurance through your workplace or contact a local
insurance broker in your area.
*Online research administered between
Aug. 25 and Sept. 2, 2020 by Dynata on behalf of Unum among
1,002 U.S. adults.
ABOUT UNUM
Unum Group provides a broad portfolio
of financial protection benefits and services through the
workplace, and is the leading provider of disability income
protection worldwide. Through its Unum US, Unum UK, Unum Poland, and Colonial Life businesses, the
company provides disability, life, accident, critical illness,
dental and vision benefits that protect millions of working people
and their families. Unum also provides leave and absence management
services that streamline the leave experience for employers and
employees, and stop-loss coverage to help self-insured employers
protect against medical costs. Unum reported revenues of
$12 billion in 2019 and paid
$7.5 billion in benefits.
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SOURCE Unum Group