If you ask any married couple even ones who are struggling what the most important quality is in a successful marriage, many will say communication. Being open with your spouse about finances, goals, dreams, etc., is absolutely essential to making a marriage last. Why, then, do three-quarters of married couples not discuss life insurance?
In a recent State Farm study which explored couples resistance to life insurance, 62 percent of respondents said that life insurance was more important to them now than ever. Yet 74 percent say they never or rarely discuss life insurance. Their reasons for avoiding the topic include economic pressure and reluctance to want to discuss the possibility of their spouse dying.
Ive definitely witnessed this lack of communication about insurance needs and coverage first-hand. Earlier this year, I wrote a story about Gen Ys perceptions of the insurance industry. One of my interviewees talked all about his coverage, and seemed to know everything they had in their plan until I talked to his wife. I asked his wife why they didnt have a better retirement plan or, really, any retirement plan especially since I knew they were going to have kids one day. She laughed, said her husband didnt know what he was talking about, and of course they had a retirement plan why wouldnt they?