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WellPoint: Buying life insurance remains top priority of Americans

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Most Americans believe that selecting a life insurance policy is very important to protecting their family financially, according to a new report.

WellPoint disclosed this finding in a survey of 1,005 adults, 18 years and older, the report timed for release in advance of Life Insurance Awareness Month. Held annually in September and coordinated by the nonprofit LIFE Foundation, the educational initiative elicits the participation of more than 100 of the nation’s leading insurance companies and industry groups.

The report shows that significant majorities of Americans view the purchase of life insurance (57 percent), investing in a retirement plan (68 percent), and creating a living will (64 percent) as key to safeguarding their family’s future well-being.

Additionally, two-thirds (67 percent) of respondents say they have life insurance. Of this group, one-third (36 percent) pay for it in full.  Slightly less than one-third (30 percent) do not have life insurance.

The report adds that financial concerns relative to the security of their family (39 percent) — more than physical (36 percent) and mental (21 percent) concerns — are their greatest worry. More than 8 in 10 Americans (83 percent) believe their family’s financial well-being is as important as their emotional well-being.

The survey reveals that most Americans would make other, non-financial sacrifices for their loved ones. Among them:

Hand over the last piece of dessert (88 percent);

Forgo watching their favorite TV show for one favored by a loved one (90 percent); and

Caring for a loved one in illness (96 percent).