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--()--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.

“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.”

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

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Release Summary

September is Life Insurance Awareness Month, Recent survey shows only 63 percent of Americans have life insurance to protect their family’s financial needs and well-being.

Blue Cross Blue Shield of Georgia, Inc.