Being Prepared for the Unthinkable: A Matter of Life and Death
A new survey from Greater Georgia Life Insurance Company’s parent company shows Americans are unprepared for premature death
ATLANTA, GA – September 1, 2011 – As adults, we often try to prepare for situations that are beyond our control. We put flashlights and blankets in our car trunks for emergencies, keep an umbrella handy in case it rains and store candles for times when the lights go out. But, we fall short when it comes to ensuring that our loved ones are financially and emotionally cared for after our death.
According to a March 2011 survey from Greater Georgia Life Insurance Company’s parent company, while 69 percent of Americans think about the consequences of dying prematurely, half admit they do not have the financial resources needed to adequately care for their beneficiaries after their death. What’s more, nearly four in 10 Americans (38 percent) do not think they need life insurance and do not want to spend the money on it.
The same percentage admits they would rather spend money on fun things than pay for life insurance. And, almost one-third of parents with a child under 18 share this sentiment.
“Providing overall financial security is the primary purpose of life insurance,” said Stuart Watts, Director of Specialty Sales, Blue Cross and Blue Shield of Georgia (BCBSGa) “However, there are other items to keep in mind to make sure a family is prepared when the unthinkable happens. Therefore, in addition to providing typical life insurance, Greater Georgia Life Insurance Company provides a number of innovative services and programs that assist members when they need it most.”
Services and programs include:
• Overall beneficiary assistance
• Face-to-face counseling
• Legal and financial consultations
• Travel assistance
• Services that help promote better health and well-being
• Identity theft recovery services
• Beneficiary companion services to assist with closing accounts and finalizing estates
• An activity book to help children who recently lost a loved one adjust to their loss
• Access to discounts on products
Additional survey results regarding attitudes toward preparedness and life insurance found:
• Nine in 10 Americans with life insurance (88 percent) say they plan for the future.
• Women are more likely than men to say having life insurance means they are prepared for the future (66 percent vs. 57 percent).
• Men are more likely than women to say they would rather spend money on fun things than pay for life insurance (43 percent vs. 33 percent).
• Men are significantly more likely than women to say they do not think they will benefit from having life insurance (44 percent vs. 31 percent).
o Americans 55 and older are more likely than their younger counterparts to agree with the above statement (18-34, 31 percent; 35-54, 33 percent; 55+, 46 percent).
o A quarter of parents with a child under 18 (24 percent) agree with the above statement.
• Interestingly, three in ten Americans with life insurance (31 percent) do not think they will benefit from having it.
“Our programs and services are set up with the understanding that people are not always prepared for unthinkable, life-changing situations. Therefore, we provide 24/7 support and counseling to help families navigate through difficult situations,” said Pat Murphy, president and general manager, Greater Georgia Life Insurance Company’s parent company’s Life and Disability business. “We assist with the things that need immediate attention, which lets family members focus on healing and recovering.”
September is Life Insurance Awareness Month; therefore, Greater Georgia Life Insurance Company is proud to support this industry-wide effort by highlighting the importance of this benefit.
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The omnibus survey was conducted online among a national sample of 2,500 Americans ages 18+ (balanced to Census). Fielding took place in March 2011 by Taylor Nelson Sofres (TNS). The survey has a margin of error of ±2.0 percent at the 95 percent confidence level, meaning if the study were replicated, the study findings would be within 2 percentage points 95 times out of 100.
About Greater Georgia Life Insurance Company
Life and Disability products underwritten by Greater Georgia Life insurance Company, an independent licensee of the Blue Cross and Blue Shield Association. The Blue Cross and Blue Shield names and symbols are registered marks of the Blue Cross and Blue Shield Association.
About Blue Cross and Blue Shield of Georgia
Life and Disability products are underwritten by Greater Georgia Life Insurance Company. Greater Georgia Life Insurance Company, Blue Cross and Blue Shield of Georgia, Inc., and Blue Cross Blue Shield Healthcare Plan of Georgia, Inc. are independent licensees of the Blue Cross Blue Shield Association. The Blue Cross Blue Shield names and symbols are registered marks of the Blue Cross and Blue Shield Association. Additional information about Blue Cross and Blue Shield of Georgia is available at www.anthem.com. Also, follow us on Twitter at www.twitter.com/healthjoinin, on Facebook at www.facebook.com/HealthJoinInBCBSGa or visit our YouTube channel at www.youtube.com/healthjoinin.