Cute small puppy being held in hands (Credit: Sbutterstock)

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.

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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.”

Children ranked first: 49% of the participants said they’d use life insurance to protect children.

Nearly as many — 47% — said they’d life insurance to protect a spouse.

Pets ranked third: 18% of the participants said they’d like to use life insurance to protect their pets.

Pets ranked a little above siblings, and far above friends and grandparents.

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