Many families today are struggling to make ends meet. As a result, it’s difficult for some to make life insurance a priority, despite the valuable financial protection it can provide.

Sources: LIMRA International, Facts about Life, 2013LIMRA and LIFE Foundation, 2013 Insurance Barometer Study

30% of U.S. households have no life insurance at all.

Life insurance coverage remains low

Half of U.S. households (58 million) say they need more life insurance.

Four in 10 households with children under 18 include mothers who are either sole or primary earners, yet their life insurance coverage is only 69% of men’s average coverage.

Other fi nancial priorities compete with life insurance

More than half of consumers report “everyday expenses” (energy costs, food, clothing and transportation) limit their ability to save.

67% of consumers say “money for a comfortable retirement” is a top priority.

30%

86% of Americans say they haven’t bought life insurance because it’s too expensive, yet they overestimate its true cost by more than two times.

86%Middle-income consumers are more concerned with reducing debt and having more money for retirement than other income groups.

The Facts of Life

© 2013 Colonial Life & Accident Insurance Company Colonial Life products are underwritten by Colonial Life & Accident Insurance Company, for which Colonial Life is the marketing brand.

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Help protect your family’s future with life insurance from Colonial Life & Accident Insurance Company. You can tailor coverage to meet your specific needs as they change over time.

Talk with your Colonial Life benefits counselor to learn more about how our life insurance can help provide financial protection for you and your loved ones.

How consumers prefer to shop for life insurance

16% of consumers would prefer to buy insurance online.

About two in 10 households say they prefer to buy life insurance through the workplace.

33% View it as an easy and convenient way to buy

26% Believe it will cost less or be a better value

20% Trust their employers

13% Like the ability to have premiums deducted from their paychecks

Looking ahead

Among households that say they are likely to buy life insurance in the next 12 months, 35% say they have not yet bought more life insurance because no one has approached them about it.

Only 8% of consumers consider themselves very or extremely likely to purchase life insurance in the next year.

35%

Sources: LIMRA International, Facts about Life, 2013LIMRA and LIFE Foundation, 2013 Insurance Barometer Study