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Survey: Gen Y unfamiliar with life insurancePosted On Fri, September 3, 2010
Life insurance isn't something a lot of young people think of too often. Those between the ages of 18 and 29, or Generation Y, frequently feel they have their entire life ahead of them and death isn't something they need to be concerned about any time soon.
Unfortunately, that isn't a good mindset for anyone to have. Many people prematurely die every year without warning. In such cases, loved ones may struggle to get by financially.
Recent data released by The Hartford Financial Services Group reveals Generation Y had the lowest level of understanding and participation in life insurance plans. However, their findings show more people across generations have signed up for the benefit.
"We are encouraged that the survey found more workers across all generations have signed up for this benefit. Our survey shows there's an opportunity to communicate the value of life insurance to younger workers," said the Hartford's Group Benefits executive vice president Ron Gendreau. "Plus, group life insurance is a less expensive option that is easily paid for via payroll deductions."
In some cases, group life insurance may not provide enough coverage. In such instances, people should look into also purchasing individual life insurance to fill the coverage gap.
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