Many U.S. consumers would like to use life insurance proceeds to protect their pets.
AIG Life & Retirement, an arm of American International Group Inc., has reported that finding in a summary of the results from a recent online survey of 2,201 U.S. adults.
- A summary of the AIG survey results is available here.
- An article about trusts for pets is available here.
The survey team asked the participants many questions about what they know about life insurance, and what they think about life insurance.
The team found, for example, that only 25% of the survey participants knew that the holders of whole life policies can take out policy loans.
Just 17% knew that consumers can use life insurance policy chronic illness riders to pay long-term care bills.
The team also asked the following question: “I would use life insurance proceeds to ensure that the following are protected in the event of my death. Please select all that apply.”