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Many unaware of life insurance benefits, study finds

Posted On Tue, October 19, 2010

Life insurance can provide a number of benefits to policyholders and loved ones. However, the Penn Mutual Life Insurance Company's Worth Survey for Women shows that a large percentage of people may not be aware of all its offerings.

For example, in addition to death benefits, certain life insurance plans can offer income during retirement. The survey found that only 39 percent of women and 50 percent of men knew a policy had such potential. Additionally, the study found that the median individual life insurance coverage for women is half that of men.

Penn Mutual Life Insurance Company director of women's marketing Tracy Marrocco says it's important for women to become more educated on life insurance.

"Women need to not only recognize the value of life insurance, but to take action in purchasing a policy that is right for their needs, so they can take advantage of all of the living benefits that permanent life insurance offers, as well as the death benefits," says Marrocco.

There are a number of ways consumers can educate themselves on life insurance. Furthermore, it may be a good idea for people to discuss options with an agent to pick a plan that best meets a person's individual needs and goals.

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