Of the 61 percent of Americans who have life insurance, 36 percent don't completely understand what their policy entails. But it could pay off later for those who take the time to learn the ins and outs of life insurance and do through shopping, according to a survey conducted by Harris Interactive for InsuranceQuotes.com.
"It all goes back to a lack of basic financial literacy," said Tony Steuer, life insurance expert and author of "Questions and Answers on Life Insurance: the Life Insurance Toolbook," to InsuranceQuotes.com.
For those who have insurance, 30 percent don't know what type of insurance they have and 10 percent don't know what beneficiaries they have. But for those who have whole life insurance, it can gain cash value, according to the article.
Others who choose not to have insurance say it's too costly. But rates for life insurance can run as low as $15 to $20 a month, said Jeff Rose, who blogs at GoodFinancialCents.com, in the article.
Email: email@example.com Twitter: @erinhong
- Z'Tejas closing after 13 years at The Gateway
- Protesters from across U.S. arrested at Utah...
- Dave Ramsey says: Don't leave an estate with...
- Overstock employees ride bicycles to work to...
- Balancing act: Survey says lack of balance,...
- Renewable energy advocates decry proposed...
- Batman and the search for familial stability
- $1.8B project to take Salt Lake City...
- Protesters from across U.S. arrested at... 12
- Obama gives protection to gay,... 7
- New solar energy project at Utah... 6
- Balancing act: Survey says lack of... 4
- Parks visitors spent $596M in Utah last... 4
- Renewable energy advocates decry... 4
- Beef pollutes more than pork, poultry,... 2
- Airlines scrap Israel flights over... 2