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Survey: High Earners Worry More About Life Insurance

By Staff Writer

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NU Online News Service, June 23, 2004, 6:01 p.m. EDT

Fewer high-income consumers think they are paying enough attention to life insurance, but they might be reviewing their life insurance plans more often.[@@]

Hartford Financial Services Group Inc., Hartford, has reported those findings in a summary of a recent survey of 313 high-income U.S. consumers. Each of the survey participants came from a household with an annual income over $100,000.

Only 61% of the participants said their current life insurance is adequate, down from 70% in 2003, and only 64% of the participants said they review their life insurance as often as they should. That percentage has dropped from 68% in 2003.

But 65% of the participants said they now review their life insurance after major life events, up from 60% in 2003.

Researchers found that 43% of the participants said their life insurance coverage was too confusing to understand, up from 41% a year earlier.

The percentage of participants who had less than $500,000 in life coverage increased to 67%, from 65%.