The results of a survey by Nationwide Financial Services, Inc. has shown that 70 percent of policyholders of life insurance feel confident that the beneficiaries of the coverage would be capable of filing the claim when the time comes, and that the majority of those policyholders have made an effort to assist in the necessary preparation.
The survey’s outcomes were released for Life Insurance Awareness Month, which is September.
According to Nationwide Financial’s senior vice president of Individual Protection, Peter Golato, families can obtain financial security and stability from life insurance, at a time when everything in their lives is very difficult.
He said that he found it to be “encouraging” that there was such a large number of policyholders that had made the effort to make certain that their loved ones would not have to struggle to file a claim in the unfortunate event that one needs to be made.
The online survey, which was conducted by Harris Interactive, included 805 participants who were policyholders of life insurance across the country. Among them, 84 percent said that they had discussed their policy with their beneficiaries.
Fifty three percent spoke with their beneficiaries about the policy’s face value, while 47 percent had talked about the beneficiaries of the policy, and 20 percent identified the life insurance agent. Additionally, the survey determined that among life insurance policyholders, 91 percent said that their beneficiaries know that they are designated on the policy.
That said, one in five of the respondents said that their insurer had not been kept up to date with the latest contact information for the beneficiaries of the policy.
