Consumers Broaden Their View of Uses for Life Insurance
March 18, 2020 by Tamara E. Holmes
Parents with young children and family breadwinners aren’t the only ones who need life insurance, a new survey suggests.
Financial services company AIG Life Insurance surveyed 2,201 adults to gauge their understanding of life insurance and get their thoughts on who they think needs it. The survey found that consumers with varying lifestyles are finding a place for life insurance in their lives.
More than just parents can benefit from a policy
Life insurance is one way that parents of dependent children can protect their families from financial disaster if they were to unexpectedly die. A life insurance policy could ensure that children have money for living expenses and possibly even education costs after a parent’s death.
However, many survey respondents found other uses for life insurance as well. A majority of respondents — 78% — said singles without children can benefit from life insurance. Additionally, 88% of respondents said parents may need life insurance even after their children turn 18 and are legally considered adults.