METLIFE STUDY FINDS FINANCIAL IMPACT FROM DEATH OF SPOUSE OR PARTNER HAS GROWN SINCE RECESSION
02/11/2015
Many who thought themselves relatively well-insured found their insurance coverage insufficient in today's economic climate-only two-thirds (68 percent) of those with life insurance benefits representing three times the annual incomes of their late spouses or partners found the proceeds very helpful, down from 81 percent in 2009. Surviving families' financial vulnerabilities extend beyond the immediate aftermath, as well. Surviving spouses' incomes one year after their partners' deaths are lower than in 2009, and they are more likely to report a marked impact on overall financial security and lifestyle (e.g., having to move, reducing spending or borrowing money). In total, only about half (49 percent) of families say they have completely or somewhat recovered financially from a death that occurred as many as seven years ago.
We tend to avoid talking about our own mortality, but openly discussing how we will financially protect our loved ones has only grown in importance, says Stephen Pontecorvo, senior vice president, MetLife Group Life Products. The solution is preemptive action, starting with a discussion with your partner and a little planning-not only about life insurance options, but also about documenting end-of-life wishes, especially through a will.
This year's results point to room for improvement when it comes to communication and planning. Only 49 percent of surviving spouses said they were involved in selecting their partners' life insurance policies and values, and only 26 percent of deceased spouses had a will at the time of death.
As economic pressures have raised the downside risks of being underinsured, employees remain largely dependent on workplace policies. The survey showed three in four deceased had policies through their employers, and 71 percent of all insurance proceeds that survivors received came from group policies. With coverage fully paid by the employer less common now than in 2009, it has become more important for employees to have the opportunity to purchase life insurance in the workplace, where they often have the convenience of payroll deducted premiums and competitive group rates.
"In today's improving job market, employers are again focusing on attracting and retaining talent. A robust benefits package is critical, and life insurance is a cornerstone for any benefits offering. But it's not enough to simply offer life insurance. Employees are looking to services like will preparation and grief counseling to help them communicate their wishes and reduce the burden on their loved ones, adds Pontecorvo.
According to MetLife's 13th annual Employee Benefit Trends Study, four in five employees think that life insurance is an important benefit to offer, and 57 percent of employees would like the option to buy more life insurance coverage through work.
During the fall open enrollment season-and often during other times of the year-many employers offer their employees the opportunity to buy additional life insurance coverage at competitive group rates. In addition to purchasing life insurance at work, individuals can choose to work with a financial advisor to further understand the importance of both group and individual life insurance as part of their overall financial planning. To determine how much life insurance coverage they need and the types of policies most appropriate for their circumstances, consumers can refer to this handy guide.
About the Study
MetLife's 2015 Study of the Financial Impact of Premature Death was fielded July 24 - August 7, 2015 by Zeldis Research Associates. The study was comprised of 1,000 individuals who had lost spouses/partners within a period of six months to seven years prior to the survey, and the spouses/partners were between 25 and 62 years old at the time of death.
LINK: | https://www.metlife.com/content/metlife/us/homepage/about-us/newsroom/... |
See more stories from metlife |
Most recent headlines
04/08/2024
Dalet Appoints Santiago Solanas as CEO to Lead Next Era of Growth and Innovation
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet and Veritone Reach Agreement to Distribute, Transact and Monetize Media Archives
Dalet, a leading technology and service provider for media-rich organizations, a...
05/05/2024
Singer Becky G To Close Out TelevisaUnivision's Upfront
A special evening performance by multiplatinum singer Becky G will provide a memorable conclusion to TeievisaUnivision's Casa Cultura upfront event on May 1...
05/05/2024
Publicis Won't Use Nielsen's Big Data as Currency in This Upfront
Giant media buyer Publicis is telling network sales executives that it does not think Nielsen's new panel-plus-big-data currency is ready for this upfront....
05/05/2024
Glenn Kirschner, NBC News Legal Analyst, Rips Media Coverage of Trump Trial
WASHINGTON Glenn Kirschner, legal analyst at NBC News, blasted the media for referring to the New York trial of former President Donald Trump as a hush-money ...
05/05/2024
Catchy Comedy Marathons The Beverly Hillbillies' May 4-5
Catchy Comedy's weekend marathon sees The Beverly Hillbillies on the weekend of May 4-5. The event kicks off Saturday, May 4 at 11 a.m. ET, and runs through...
05/05/2024
How NBC Sports Plans to Cover Kentucky Derby
NBC Sports has the 150th Kentucky Derby Saturday, May 4. The coverage begins at 2:30 p.m. ET on NBC and Peacock and the feature race at Churchill Downs in Louis...
04/05/2024
Nielsen: Asian American Audiences Spend as Much Time on Mobile as TV
NEW YORK As the Asian Pacific American Heritage Month kicks off in May, Nielsen has released an extensive new report diving into their media habits with data sh...
04/05/2024
Comcast Makes $1M Commitment to Military-Serving Nonprofits
PHILADELPHIA As National Military Appreciation Month gets underway, Comcast has announced several new initiatives to help veterans, service members, and their f...
04/05/2024
FCC Unveils Agenda for May Open Meeting
WASHINGTON, D.C. Federal Communications Commission chairwoman Jessica Rosenworcel has announced a tentative agenda for the May Open Commission Meeting scheduled...
04/05/2024
Enhancements Made to Key 5G Convergence Standards
The Broadband Forum has announced major enhancements to key 5G convergence standards that the group said will help advance next-generation applications, improve...
04/05/2024
Spotify Wrapped Campaign Spot Graded With DaVinci Resolve Studio
Spotify Wrapped Campaign Spot Graded With DaVinci Resolve Studio Brie Clayton May 3, 2024 0 Comments Blackmagic Design today announced that Colorist M...
04/05/2024
Three Boston Conservatory at Berklee Alums Nominated for Tony Awards
Three Boston Conservatory at Berklee Alums Nominated for Tony Awards An additional eight alums and two current students performed in nominated productions. ...
03/05/2024
Sudan: New WhatsApp Course Equips Journalists to Report on Conflict Related Sexual Violence
An innovative learning tool to help media and civil society better understand ho...
03/05/2024
Slow Explores an Unusual Relationship With Sincere Romance
PARK CITY, UTAH - JANUARY 21: (L-R) Actors K stutis Cic nas and Greta Grinevi i t , Director Marija Kavtaradze and Producer Marija Razgute attend the 2023 Sunda...
03/05/2024
Be Honest With Your Art': Danny Ocean Reflects on Sudden Stardom and His Deeply Personal New Album
If you aren't familiar with Danny Ocean's music, it's only a matter ...
03/05/2024
Spotify and ELLE Collaborate in Celebration of Emerging Women in Music
Spotify has an unwavering commitment to supporting emerging artists across all genres, to helping them launch and thrive in their careers, and to connecting the...
03/05/2024
La Msica Mexicana no es solamente un fenmeno en Mxico y Estados Unidos, tambin en toda Amrica Latina
Como uno de los sonidos de mayor expansi n en el mundo, la M sica Mexicana va m ...
03/05/2024
Msica Mexicana Isn't Just a Phenomenon in Mexico and the U.S.-It's Taking Over Latin America.
As one of the fastest-growing sounds worldwide, M sica Mexicana is more than jus...
03/05/2024
Fubo Loses Subs in Q1 But Exceeds Guidance and Reduces Losses
NEW YORK FuboTV reported that it lost 110,000 subs in Q1 2024 but it exceeded its guidance for the quarter with double digit year-over-year increases across key...
03/05/2024
Only 3 Weeks Left To Enter The Creative Industries Most Award
Only 3 Weeks Left To Enter The Creative Industries Most Award Brie Clayton May 3, 2024 0 Comments Creativepool is giving a last call to the creative i...
03/05/2024
WePlay Studios Transforms the Future of Live Event Storytelling with AJA Gear
WePlay Studios Transforms the Future of Live Event Storytelling with AJA Gear Brie Clayton May 3, 2024 0 Comments By 2032, the esports market is expec...
03/05/2024
The Business of TV News: Shannon Bream Singles Out Key Issue in 2024 Election
WASHINGTON Shannon Bream, Fox News Sunday anchor and chief legal correspondent, sat for a keynote chat at The Business of TV News, with Tom Umstead, senior co...
03/05/2024
ABC News Anchor Martha Raddatz Says Local News Is Everything'
WASHINGTON Asked how important is local news, Martha Raddatz, who has covered foreign conflicts for decades and moderated presidential debates for ABC News, s...
03/05/2024
Paramount Stock Jumps on Report of $26 Billion Bid From Sony Pictures and Apollo Global
Sony Pictures and Apollo Global Management have made a $26 billion cash offer fo...
03/05/2024
CBS Shares 2024-2025 Schedule
CBS announced its 2024-2025 primetime schedule, which features the new dramas NCIS: Origins, Matlock and Watson, and new comedies Poppa's House and Georgie ...
03/05/2024
Fubo Continues To Reduce Red Ink Despite Losing 110,000 Subs in Q1
Sports-focused streaming service Fubo said it reduced its red ink in the first quarter, despite losing 110,000 subscribers since the end of the year....
03/05/2024
Walmart Ready to Release 4K Hybrid Streaming/Smart Speaker
Walmart is reportedly about to release a new 4K streaming box/smart speaker hybrid device for Google TV that could retail for as low as $50, according to a repo...
03/05/2024
Limecraft updates content delivery platform
Enhancements to its Delivery Workspace solution provide increased content delivery robustness and security By Matthew Corrigan Published: May 3, 2024 Enha...
03/05/2024
Sony and Apollo submit $26 billion bid for Paramount Global
According to reports, if the bid is successful, Sony would be the significant majority shareholder of the new private company By Jenny Priestley Published: M...
03/05/2024
Global Academy launches Manchester media school
Located in Manchesters Spinningfields district, the course aims to equip students with the skills, knowledge and industry insight for a career in the creative s...
03/05/2024
New Lightbridge C-Move Core
Lightbridge has created a new Cine Reflect Lighting System kit, dedicated to enabling artistic lighting with consideration of today's productivity practical...
03/05/2024
KPBS Modernizes Infrastructure With Major AES67 Control R...
Broadcast media systems integrator BeckTV and Lawo worked together on a large-scale AES67 build of radio control rooms at KPBS, San Diego's NPR and PBS memb...
03/05/2024
SmallHD Free PageOS 6 Update Adds Powerful New Capabiliti...
Raleigh, NC, April 12, 2024 SmallHD announces PageOS 6, a powerful software update free for owners of SmallHD monitors, featuring increased functionality, exp...
03/05/2024
SmallHD Launches Quantum 32 Quantum Dot OLED HDR Referenc...
SmallHD announces the Quantum 32 a new 31.5 OLED monitor designed to provide reference HDR/SDR images for post-production final color grading, as well as cri...
03/05/2024
How WePlay Studios is Transforming the Future of Live Eve...
By 2032, the esports market is expected to grow to $9.29 billion, bolstered by a global player count and fan following that both continue to climb. The 2023 Lea...
03/05/2024
Amagis Latest FAST Report Unveils the Rise of a Diverse G...
Amagi, the global leader in cloud-based SaaS technology for broadcast and connected TV (CTV), today announced that the 11th edition of the Amagi Global FAST Rep...
03/05/2024
WDR Filmhaus to Implement Riedel Infrastructure
Riedel Communications today announced that Westdeutscher Rundfunk (WDR) is relying on a media and intercom network based on Riedel technology for the renewal of...
03/05/2024
TF1 Chooses Broadpeak to Power Targeted Advertising for N...
Broadpeak , a leading provider of content delivery network (CDN) and video streaming solutions for content providers and pay-TV operators worldwide, announced t...
03/05/2024
Limecraft Announces New Platform Update and Preview of MI...
Media technology innovator Limecraft will exhibit the latest updates to its online platform on stand G79 at the 15-16 May 2024 Media Production & Technology Sho...
03/05/2024
Prism Sound Announces Partners For 8 Hours At Rockfield 2...
Audio interface specialist Prism Sound is partnering with console manufacturer Solid State Logic, professional monitor manufacturer PMC and acoustic panel and d...
03/05/2024
Intinor brings excellence in contribution streaming to MP...
Intinor, Sweden's leading developer of products and solutions for high-quality video over the internet, is set to join forces with its UK partner Zest Techn...
03/05/2024
NAKIVO Reports 10 Percent Revenue Growth in EMEA Region
NAKIVO Inc., a fast-growing software company dedicated to protecting physical, virtual, cloud, and SaaS environments, announced its Q1 2024 financial results to...
03/05/2024
Hiltron Introduces Field-Upgradable Motorisation Kit for...
Hiltron Communications announces an addition to its range of satellite communication products and systems: a field-upgradable motorisation kit specifically desi...
03/05/2024
LiveU Showcases Story-Centric Workflows and the LiveU Eco...
Visit LiveU at Stand D30 With this year an exceptional one for major sporting events alongside multiple, key elections, the power and flexibility of LiveU'...
03/05/2024
Agile Content appoints Koldo Unanue as new CEO to boost t...
Agile Content, the leader in the development of technology and solutions for the provision of television services over the Internet, announces Koldo Unanue as i...
03/05/2024
Fubo, Dish, DirecTV & Others Urge Congress to Probe New Sports Streaming JV
Eight co-signers representing streaming services, pay TV operators and public interest groups have sent a letter to Congressional leaders urging their Committee...
03/05/2024
Brightcove Integrates AWS-Powered Generative AI Solution
BOSTON Brightcove has announced that it has implemented Amazon Q Business, a new generative AI assistant on Amazon Web Services (AWS)....
03/05/2024
CBS Claims 16th Straight Prime Time Viewing Title
NEW YORK CBS has declared that it will finish the 2023-24 season as Americas Most-Watched Network in primetime for the 16th consecutive season....