Many Americans Don’t Do Enough to Protect Their Family’s Financial Future
Blue Cross and Blue Shield of Georgia/Greater Georgia Life survey
finds nearly 40 percent of Americans lack life insurance
ATLANTA–(BUSINESS WIRE)–The odds of winning the Mega Millions or Powerball lotteries are 1 in
175 million1; however, the lifetime odds of dying in a motor
vehicle crash2 or dying from a lightning strike3
are much higher. Nevertheless, many people are pressing their luck by
failing to take adequate steps to protect what they value most—their
families. The results from a recent survey by Blue Cross and Blue Shield
of Georgia and Greater Georgia Life Insurance Company show only
63 percent of Americans have life insurance to protect their
family’s financial needs and well-being.
This survey, conducted by Blue Cross and Blue Shield of Georgia and its
affiliate, Greater Georgia Life Insurance Company, to promote September
as Life Insurance Awareness Month, highlights some of the areas where
consumers may not be prepared to protect the things that are important
to them, including their family’s financial future after the death of a
family member.
The good news, according to this survey, is that many consumers (75
percent) are saving their money. Of this group, their approach to
savings includes strategies such as having multiple income streams (47
percent) and even avoiding daily temptations like eating out (28
percent). However, most Americans are making it month to month, with 24
percent saying they have no savings and could not pay necessary bills
without their income, and only 25 percent reporting that they could pay
their families’ bills for more than a year.
“Providing financial security is the primary purpose of life insurance,”
said Mike Wozny, president of Greater Georgia Life Insurance Company’s
Life and Disability business. “At Greater Georgia Life Insurance
Company, we’re focused on making sure our products and services give
people a sense of emotional support, as well as financial security.
Besides providing typical life insurance, Greater Georgia Life Insurance
also provide consumers with value-added programs, including beneficiary
companion services to help family members close accounts and finalize
their loved one’s estate; grief counseling; services that help promote
better health and well-being; identity theft recovery services; access
to discounts on products; as well as books to help children who recently
lost a loved one adjust to their loss.
The survey also showed that family is a priority for Americans. So,
besides playing the lottery, how are Americans protecting their family’s
financial well-being? Nearly all survey respondents (97 percent) said “I
would do anything to protect my family’s safety and security.” Other
results show that while nearly 90 percent have health insurance (87
percent), close to 40 percent of all consumers (37 percent) lack
life insurance which is a necessity when it comes to protecting
your family; something that almost all Americans say is important to
them (97 percent).
“Losing a family member is devastating,” said Wozny. “This is usually a
hard time emotionally and financially for families. As one of the
nation’s leading benefit companies, we realize that a family’s emotional
and financial well-being are key factors in helping them recover after
losing a family member. So, besides helping families with their
finances, we also offer face-to-face counseling and legal and financial
counsel.”
Ranked with an “A” for “Excellent” by A. M. Best, the oldest and most
recognized insurance rating organization, life insurance in Georgia is
provided by Greater Georgia Life Insurance Company. Greater Georgia Life
Insurance Company, along with its affiliated life plans in other states,
covers approximately 3 million members and reflects the experience of
more than 50 years in the business. With a Greater Georgia Life
Insurance Company life plan, consumers can tailor their life insurance
plan to meet their unique needs.
September is Life Insurance Awareness Month. More information on how
people can protect their family’s financial future with life insurance
is available at www.bcbsga.com/specialty.
Sources:
1- www.powerball.com.
(The probability of winning are 1 in 175,223,510.)
2- http://www.nsc.org/learn/safety-knowledge/Pages/injury-facts-chart.aspx.
(The lifetime odds of dying in a car crash are 1 in 112.)
3- http://www.iii.org/fact-statistic/mortality-risk.
(The lifetime odds of dying from lightning are 1 in 164,968.)
This report presents the findings of a telephone omnibus survey using
the field services of Opinion Research Corporation, from April 16-20,
2015. The study was conducted using two probability samples: randomly
selected landline telephone numbers and randomly selected mobile (cell)
telephone numbers. The combined sample consists of 1,010 adults (18
years old and older) living in the continental United States. Of the
1,010 interviews, 508 were from the landline sample and 502 from the
cell phone sample. The margin of error for the sample of 1,010 is ± 3.08
percent at the 95 percent confidence level. This means that if we were
to replicate the study, we would expect to get the same results within
3.08 percentage points 95 times out of 100.
About Blue Cross and Blue Shield of Georgia:
Blue Cross 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. ® ANTHEM is a registered
trademark of Anthem Insurance Companies, Inc. 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.bcbsga.com.
Greater Georgia Life Insurance Company
Life and Disability products are underwritten by Greater Georgia Life
Insurance Company (GGL) using the trade name Anthem Life, independent
licensee of the Blue Cross and Blue Shield Association. The Blue Cross
and Blue Shield names and symbols are registered trademarks of the Blue
Cross and Blue Shield Association.
Contacts
Blue Cross Blue Shield of Georgia, Inc.
Debbie Diamond, 404-479-8735
