Consumers would Rather Discuss Family or Individual Finances over their Romantic Life this Holiday, but Lack of Information Remains a Barrier
Haven Life Survey Reveals 1 in 3 Consumers Do Not Have a Good Level of Understanding about Employer-Sponsored Life Insurance Options
NEW YORK, Dec. 19, 2022 /PRNewswire/ -- A new survey of 1,000+ individuals fielded by Haven Life, a leading digital direct-to-consumer life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company ( MassMutual ), finds that consumers would rather discuss family or individual finances with their friends, family, or loved ones this holiday season than delve into a discussion about their romantic life. While family milestones (55%) and travel plans (55%) topped the annual list of topics again this year as conversations people are most excited to have, career (32%) was this year’s third choice, overtaking health and wellness.
A reluctance to talk about romance is not the only reason that consumers are eager to discuss their career and finances. With 85% of respondents indicating they were at least somewhat worried about an impending recession, this year’s survey paints a picture of Americans that are more than ready to future-proof their household’s financial security. Consumers are eager to shore up their finances with 55% of respondents claiming that instead of receiving an expensive gift from their partner this year, they would rather have that money go into their savings account or their child’s 529 account.
The Haven Life survey also found that the holidays can be a good time to discuss financial and life insurance needs, with 33% of respondents pointing to the fact that they can have face-to-face conversations with loved ones and 18% saying they have more time than normal for the discussion.
Unfortunately, respondents also indicated that a lack of information continues to be a barrier to establishing financial security, a fact that becomes particularly relevant with open enrollment coming to a close. Nearly one in three respondents —29%—admitted having either “somewhat” or “no” understanding of what life insurance benefits their company provides. Despite this, 78% of respondents want their life insurance policy to pay out 3 years or more of their salary in order to feel their family is financially secure.
“Although employer-sponsored life insurance is one of the most common ways for people to purchase their benefits, we have long seen a lack of information and education as a barrier in that process,” explains Wade Seward, head of distribution strategy at Haven Life. “Life insurance has an important role in building a household’s financial foundation. Employers must ensure that their employees understand their benefits and the gap between what they currently have and what they want in order to secure peace of mind,” Seward continues. “Haven Life’s streamlined, direct-to-consumer digital purchasing experience provides a simple and accessible option for consumers who want to close that coverage gap.”
The survey found that the most common reason it is difficult to talk about life insurance and financial planning during the holidays is because people want to relax and have fun, not focus on serious issues (32%). However, less than a third of respondents did not think they would act after having this type of discussion during the holidays.
For more information about the survey, or how to purchase a term life insurance policy, visit https://havenlife.com/.
About the Survey
Haven Life conducted a quantitative survey in October of 2022 and collected 1,089 completed responses. Respondents were between the ages of 18 and 65 and identified as either full-time or part-time employees with a minimum household income of $50,000. Forty-nine percent of respondents were male and 51% were female.
About Haven Life
Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern life insurance customer.
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SOURCE Haven Life