Americans Lag in Acting to Protect Against Life Risks NEW YORK, Dec. 12 /PRNewswire-FirstCall/ -- Among the findings released today from the AXA Equitable Protection Report, the life risks that insurance covers -- death, financial hardship, serious illness and reduction in standard of living -- are on the minds of Americans, more so than people in 10 other countries surveyed. This unique survey -- developed by AXA to enhance its understanding of the issues, attitudes and behaviors surrounding life risks and protection coverage -- is available online at http://www.axa-equitable.com/. "Overall, our survey findings indicate that many Americans appear to be caught in a cycle of anxiety," says Ken Gelman, Vice President and Director of Customer Insights for AXA Equitable Life Insurance Company. Despite their concerns, Americans lag in acting to protect against the impact of such negative life events." According to the report, 87 percent of Americans with a spouse or partner have spoken about life risks with that person. A third of them, however, discuss it only in passing, and fewer than half of Americans surveyed have spoken to an insurance agent or broker about preparing for life risks. Many Can't Explain Inertia While 63 percent of Americans believe life insurance protects their loved ones and provides peace of mind, 34 percent of them have not purchased coverage themselves and 18 percent have no coverage at all. "Americans are thinking and talking frequently about life risks," says Gelman, "but their desire for peace of mind does not always result in action to protect their partners and children. And yet, when given an opportunity to explain, almost half can't state reasons as to why they don't act." Misguided Reliance on Employer Protection The most common reason Americans give for not purchasing life insurance is that it's provided by their employer. Compared to people in the other countries surveyed, Americans are the most likely to be covered by employer- provided insurance and also less likely to purchase insurance products themselves. However, for many, a serious gap in coverage exists. Employer-sponsored group life insurance coverage is typically tied to a multiple of an employee's income. The average group coverage of all American households is $153,900*. A calculation of existing coverage and needs, developed as part of the 2007 AXA Equitable Protection Report, reveals that on average Americans 25 to 65 years of age have an insurance gap of $180,000. Families with financially dependent children have on average the highest gap -- $371,000. "Despite this gap, many Americans have been lulled into a false sense of security," says Gelman. "This is true even for high net worth respondents. Our study reveals that those who feel confident about their insurance coverage are often the most unrealistic about their protection needs." Nearly half of those with the highest lack in coverage -- $755,000 -- describe themselves as "feeling well insured." Other key findings from the U.S. respondents include: -- Women are uniformly more likely to talk about life risks than males. And yet 27 percent of females with financially dependent children say that while they are aware of life accidents, they do not think about the consequences. -- Health matters most. When asked, the majority of Americans say serious illness is the negative event most likely to happen to them. Very few think that they'll be involved in a plane crash or terrorist incident. -- There's a widespread distaste for risk. One in four Americans say that they are highly aware of life accidents and hate taking risks. "While we cannot eliminate all anxiety, says Gelman, "the more we know about perceptions and behaviors toward risks and insurance, the better equipped we are to provide advice and solutions that provoke Americans to act to secure their loved ones against hardships." The AXA Equitable Protection Report is part of the company's continued effort to enhance its understanding of the issues, attitudes and behaviors surrounding life risks and protection coverage, for the ongoing purpose of developing superior financial planning products and solutions. Survey respondents included both workers and non-workers age 25 to 65 in four distinct life-stage categories: -- Single: Households composed of one person with no children and aged less than 40 years old -- Pre-nester: Households composed of a couple (married or living as a couple) with no children -- Nester: All types of households with at least one financially-dependent child -- Post-nester: All types of households with no more financially-dependent children or households composed of one person with no children and aged more than 40 years-old. The research firm Gfk Group managed the survey globally for the AXA Group. Local firms fielded the questions in each country during May 2007. A total of 4,009 people were interviewed in Australia, Belgium, France, Germany, Hong Kong, Italy, Japan, Spain, Switzerland, the United Kingdom and the United States. The main sample from the U.S. included 360 people, constituting a national representation in terms of gender, age, occupational status and region. To access the entire survey conducted by AXA Equitable, go to http://www.axa-equitable.com/. About AXA Equitable AXA Equitable Life Insurance Company, which has been in business since 1859, is a leading nationwide issuer of life insurance and annuity products. The company had more than 11,000 employees and sales personnel and approximately 4.8 million policy/contract holders nationwide as of Dec. 31, 2006. AXA Equitable is solely responsible for its life insurance and annuity obligations. AXA Equitable Life Insurance Company, New York, NY, is one of the premier U.S. organizations providing life insurance and annuity products and services for the financial services market. Variable products are co-distributed by affiliates AXA Advisors, LLC and AXA Distributors, LLC. AXA Equitable's parent company, AXA Financial, Inc., is a member of the global AXA Group. AXA Group's operations are geographically diverse, with major operations in Western Europe, North America, and the Asia/Pacific region. The AXA ordinary share is listed on the Paris Stock Exchange and trades under the symbol AXA. The AXA American Depositary Share is also listed on the NYSE under the ticker symbol AXA. AXA Equitable is a sponsor of the Variable Annuities Knowledge Center (http://www.variableannuityfacts.org/), an online resource aimed at helping consumers understand the facts surrounding variable annuities. The Variable Annuities Knowledge Center is operated by a stand-alone non-profit organization and it is overseen by an independent advisory board. * Source: 2005 LIMRA International "Trends in Life Insurance Ownership Among U.S. Households" report DATASOURCE: AXA Equitable CONTACT: Discretion Winter, +1-212-314-2968, , or Matt Klein, +1-212-314-2919, , both of AXA Equitable Web site: http://www.axa-equitable.com/ http://www.variableannuityfacts.org/

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