Study: Widows wish for more life insurance The financial burden of losing a spouse weighs more heavily on women than it does on men, and many women say they wish they had some or more life insurance at the time of their spouses death, according to a survey published by insurancenewsnet earlier this month. The Loss of Spouse survey of 897 widows and widowers found that 47 percent of the widows said they wished they had some or more life insurance on their spouses, and 42 percent wished they had saved more. Many women remain underinsured for life insurance, but few surveys have documented the impact of underinsurance on widows. The survey also revealed that 30 percent of widows said they wished they had conducted detailed discussions about the financial consequences of the loss of their spouse, 28 percent wished they had a better financial plan in place and 18 percent said they regretted not having all of their important documents in one place. Among women whose spouses had life insurance when they died, the life proceeds from the policy lasted nearly two-and-a-half years. But these women said they wished the policy proceeds had lasted them 14 years, the survey found. Women, who typically live longer than men, suddenly find themselves thrust into the role of head of household upon the death of their husbands. Many women in their mid-70s or 80s grew up at a time when husbands - for many years at least - were the sole breadwinners and handled family financial matters. Two in five women whose spouses did not have life insurance struggled to meet basic needs within the first year of their spouses death, the survey found. Source: insurancenewsnet
Posted on: Tue, 23 Dec 2014 19:45:26 +0000