The number of workers signing up for life insurance benefits increased to 69% in 2010 from 64% in 2009, according to a new report.
Women showed the biggest jump in participation, to 69% this year from 60% last year, according to the survey of full-time workers by Hartford Financial Services Group Inc. (NYSE: HIG), Hartford. Men increased their participation by 2% to 70% in 2010.
But the survey found America’s lower-income and less-educated workers lag behind employees with higher household income and education in understanding and purchasing life insurance.
Employees with a high school education have the lowest level of understanding of life insurance and are least likely to sign up for it (65%) compared to workers with a college degree, the survey reports. Thirty percent of workers with only a high school education say they completely understand life insurance.