Is Your Life Insurance Policy Adequate?

Published on Wednesday, 01 September 2010 10:13 Written by TradersHuddle Staff

DES MOINES, Iowa-( Business Wire )-

New research shows the majority of American workers (82 percent) have life insurance coverage on themselves, but over a third (38 percent) of those individuals are not confident they have an adequate amount of coverage according to recent findings from the Principal Financial Well-Being Index^SM. Almost half of those surveyed this past spring by Harris Interactive feel they need two (18 percent) or five (29 percent) times their salary, which is well below the seven to 10 times actually needed.

Life Insurance Awareness Month reminds us that one thing is certain—Americans do not fully comprehend their life insurance benefits.

“As Americans continue to rebuild from the financial crisis, life insurance is one of the most basic tools for personal financial security,” said Greg Linde, vice president individual life for the Principal Financial Group^®. “Working with a financial professional to put together a comprehensive financial strategy helps ensure that no matter what life sends your way, your family’s goals and financial dreams will remain on track.”

To help shed some light on this growing need, The Principal^® is participating in national Life Insurance Awareness Month during September, a time for American consumers to turn questions into action. Life Insurance Awareness Month is coordinated by the nonprofit Life and Health Insurance Foundation for Education (LIFE).

Throughout September, The Principal urges consumers to set aside time to learn more about their employer-sponsored life insurance coverage and to consider individual coverage options. The Principal has a number of programs and calculators designed to help keep consumers on track for a more secure financial future including From Here to Security, available at www.principal.com/fromheretosecurity.

To view videos and other features regarding how Americans are rebuilding and setting up long-term financial plans, visit: www.americarebuilds.com.

About the Principal Financial Well-Being Index

The index, which surveys American workers at growing businesses with 10 to 1,000 employees and retired Americans, is released each quarter by the Principal Financial Group^® and conducted by Harris Interactive^®. This survey was conducted among 1,133 workers and 501 retirees between April 28 and May 9, 2010. A full study methodology is available at www.principal.com/wellbeing

About the Principal Financial Group

The Principal Financial Group^® (The Principal ^®)¹ is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $284.7 billion in assets under management² and serves some 18.9 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.

About Harris Interactive

Harris Interactive is a global leader in custom market research. With a long and rich history in multimodal research that is powered by our science and technology, we assist clients in achieving business results. Harris Interactive serves clients globally through our North American, European and Asian offices and a network of independent market research firms. For more information, please visit www.harrisinteractive.com.

¹ "The Principal Financial Group" and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.

² As of June 30, 2010.

Principal Financial GroupJoelle Kirchhoff, This e-mail address is being protected from spambots. You need JavaScript enabled to view it.