A new study from MetLife Insurance shows that working women may not be as knowledgeable about their life insurance policies as they should be. The study, titled MetLife 2011 Insurance Literacy Study, finds that 45% of working women have not taken a second look at their insurance needs since obtaining their first life insurance policy. This could leave their families at financial risk should the unexpected happen. Researchers with MetLife say that more steps should be taken to educate consumers on how their needs change over time and the importance of keeping insurance policies updated with these shifting needs in mind.
According to the study, the vast majority of working women receive life insurance coverage from their jobs. As such, many do not have much knowledge regarding the extent of their coverage. The study also notes that only one in four women consider financial obligations, such as outstanding debt, when calculating the value of their life insurance policies. Yet, 52% of women want their policies to account for such obligations.
Part of the issue may lie with traditional gender roles held within society itself. The study shows that 73% of working men want their life insurance policies to ensure the continued financial safety of their spouses, while only 47% of married women consider this issue important. Differences in gender roles may imbued women with the notion that life insurance is not something to be overly concerned about.
MetLife’s study was released yesterday and can be found via the company’s website.