Life Insurance Quotes

Studies show life insurance policy holders communicate processes and benefits well

09/07/11

A recent Nationwide Financial Services study indicates the majority of life insurance policy holders believe their beneficiaries would be capable of filing a claim in the event of the policy owner's death. Another study, performed by Harris Interactive, found that many policy holders, 84 percent of the 805 surveyed, have taken steps to inform their beneficiaries of the necessary steps to file a successful claim.

The surveys, taken in observance of Life Insurance Awareness Month, are indications that life insurance policy holders value their benefits and are proactive in making sure their beneficiaries understand and value their life insurance coverage as well. This is promising news, especially at a time when some metrics show life insurance participation at an all-time low.

Despite the promising figures, some survey results indicate that a number of insurance policy holders neglect their duties and fail to maintain open lines of communication between their beneficiaries and their life insurance providers.

The Nationwide survey found that one out of every five policy holders have not updated their beneficiary's contact information with their provider, and more than half of policy owners who openly discuss the claims process with beneficiaries do not tell the beneficiaries where the life insurance policy is located.

Though life insurance and annuities sales took a hit in the wake of the economic downturn, the Insurance Information Institute notes that the market has seen a significant increase in participation in recent months, when the stock market significantly lowered policy and annuity rates. 

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