A study by MetLife insurance group that polled married men and women with children under the age of 18 showed that on average, men who have young children have life insurance policies that cover them for five times their yearly household income. Whereas women who have minor children are insured on average up to three times the household income. For some insurance experts, it concerned them that women didn’t have as much coverage as men.
They point out that if a working parent passed away the family’s source of income would be affected as well as other things such as their tuition assistance, health insurance, and other types of financial benefits. They feel citizens should get professional assistance from insurance agents to make sure they have an adequate amount of life insurance, especially after the study showed not too many women consult anybody about their financial matters.
More men surveyed, 48 percent compared to 26 percent of women, said their employers do a good job of educating them on their options when it comes to life insurance, which can also lead to better job satisfaction. According to the poll, only 38 percent of the women said they were happy with their employer benefits compared to 56 percent of men.
MetLife says there are some things to consider when it comes to life insurance, such as enrolling in employers’ group life plans, even if you have to pay some of the costs yourself as these plans are less expensive and have no medical or limited underwriting.
The company stated many businesses offer employees the chance to buy supplemental life insurance at affordable group rates in the enrollment period and sometimes at other times of the year.
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