A new study indicates that there is a significant gap between the amount of life insurance most Americans own and what they actually need.
The report, published by Genworth Financial, Richmond, Va., finds that college-educated insured adults have 2.5 times the amount of life insurance coverage of adults who do not graduate high school or who only have a high school diploma.
For adults with a high school diploma or less, 60% don’t have any life insurance, while only 44% of college educated adults have gone without, the study found.
“Closing this coverage gap and bringing consumers to the table is one of our highest priorities,” says Janet Deskins, Genworth’s senior vice president for life insurance products. Deskins adds that life insurers are educating buyers about the importance of periodic checks to ensure adequate coverage.