In a survey of American workers employed full-time, lower-paid employees showed a more limited understanding of life insurance than those with higher incomes. Less educated workers and Gen Y workers also showed lower understanding and participation rates.
The survey, released Wednesday, September 1, by The Hartford Financial Services Group, found just 29% of workers who made less than $50,000 said they “completely understand” life insurance. Fewer than two-thirds of those workers had life insurance through their employers.
Just 30% of workers with a high school education said they completely understood life insurance, compared with almost two-thirds of workers with a college education.