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Is life insurance really necessary? How much does coverage cost? What type of plan is right for me? SBLI USA Mutual Life Insurance Company, Inc. announced the results of a nationwide survey asking adults about important life insurance needs. The results reveal that not enough adults consider how their families would survive financially if disaster were to strike.
According to the survey commissioned by SBLI USA Mutual Life Insurance Company and conducted by Harris Interactive(R), many adults are not sure what type of life insurance coverage they need (47%), or where to get it (23%), and 47% of U.S. adults have no life insurance at all. Only about half of adults (49%) say they know exactly how much life insurance they need as their families grow.
About one in three U.S. adults (36%) have less expensive term life insurance (as compared to comparable coverage amount provided in a whole life policy), and about one in four (28%) have whole life insurance, the type of policy which creates a cash value over time.
According to the survey, the vast majority of U.S. adults (73%) think life insurance costs too much, and just over two in five (44%) think whole life insurance is not worth the extra cost. However, about half of U.S. adults (49%) are not aware that whole life insurance can accumulate cash value that can be borrowed against when needed.
Among the three in four U.S. adults (72%) who do not currently have whole life insurance, the most commonly cited reason is cost (41%). Additionally, three out of 10 do not think they need it (30%) and one in five (20%) say it is because they do not have any dependents. Furthermore, 15% do not know what whole life insurance is.
"This survey illustrates a critical need to reach Americans about not only the value of life insurance but also about the variety of cost-effective plans available today. Plan prices have actually dropped in recent years due to life expectancies, technology improvements and a more competitive market," explained Vikki Pryor, president and CEO of SBLI USA Mutual Life Insurance Company. "At SBLI USA, we seek to empower our customers, offering them greater access to the tools of prosperity, with particular attention to underserved communities."

  Additional survey findings include:

  * Compared to those who have either whole or term coverage, adults who do
    not have life insurance are significantly more likely to say that they
    are unsure about the type of coverage they need (64%, vs. 29% whole and
    29% term) or where to obtain life insurance (37%, vs. 10% whole and 9%
    term).

  * U.S. adults who have either whole or term life insurance are more likely
    to be aware that whole life insurance can be used for a savings or cash
    accumulation vehicle than those who have no life insurance (39% none,
    vs. 66% whole and 61% term).

  * 24% of U.S. adults believe that if they have debt to pay off, life
    insurance should not be a financial priority.

  * U.S. adults report other types of insurance held:  83% auto insurance,
    78% medical insurance, 61% home or renters insurance, 51% dental
    insurance, 29% disability insurance.

About the Survey
This survey was conducted online by Harris Interactive on behalf of SBLI USA Mutual Life Insurance Company between September 11 and 13, 2006 among 2,500 U.S. adults 18 years of age or older. Figures for region, age within gender, education, household income and race/ethnicity were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents' propensity to be online.
With a pure probability sample of 2,500 one could say with a ninety-five percent probability that the overall results have a sampling error of plus or minus 3 percentage points. The sampling error for the sub-sample of adults who do not have whole life insurance (n=1,747) is plus or minus 4 percentage points. However that does not take other sources of error into account. This online survey is not based on a probability sample and therefore no theoretical sampling error can be calculated.
About SBLI USA
SBLI USA markets a wide range of life insurance products to value- conscious consumers and diverse markets. The Company is dedicated to building lifelong relationships with customers and empowering them with the education and tools they need to take control of their financial destinies.
SBLI USA and its subsidiaries are licensed in 49 states, the District of Columbia, the U.S. Virgin Islands, and Puerto Rico. With more than $17.6 billion of insurance in force, $1.5 billion in assets, $120 million in surplus capital, 250 associates and approximately 380,000 policyholders, the company is committed to offering affordable, flexible and easy-to-access products through a variety of integrated channels, including direct mail, telemarketing, a bilingual Web site, licensed agents, and new Customer Centers, as it expands nationally.
SBLI USA Mutual Life Insurance Company, Inc. is the parent company to SBLI USA Holdings, Inc., which owns subsidiary companies S.USA Life Insurance Company, Inc., and SBLI USA Diversified Services Company, Inc.

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