Close Close

Life Health > Life Insurance

Well-Heeled Consumers May Have Gaps In Coverage

Your article was successfully shared with the contacts you provided.

NU Online News Service, Dec. 15, 2004, 5:17 p.m. EST

Many Americans who have substantial amounts of investable assets need more life insurance.[@@]

The Independent Advisor Network, a unit of AIG American General, Houston, makes that argument in a report based on results from a survey conducted by an outside research firm.

Researchers interviewed 331 “mass affluent” U.S. consumers with $100,000 to $1 million in investable assets in September.

Many of the consumers had adequate life insurance.

But, even though 75% of the survey participants were parents, 35% of the participants were relying on term life insurance for coverage. Participants who relied on term life had an average of just $250,000 in term life coverage.

AIG American General is a unit of American International Group Inc., New York.