The majority of survey respondents (61%) did not purchase a life insurance policy before marriage, and 64% of those still had not purchased life insurance within the first three years of marriage, according to a press release. Only 23% of spouses surveyed said they had bought life insurance during their first year of marriage, with an additional 2% buying a policy in year two and 7% in year three. More men (42%) than women (35%) respondents had life insurance beyond their employers’ coverage prior to marriage.
“While many individuals may have life insurance coverage through their employer, most of these policies only cover up to two times a person’s current salary and are not portable from one job to another. In general, individuals should purchase policies that are at least five times their current salary,’ said Jim Hohmann, president and CEO of Allstate Financial, a business unit of the Allstate Corporation, in the release.
The survey additionally found that 42% of respondents think life insurance would be a thoughtful and meaningful gift for their spouse. More than half (53%) said purchasing life insurance policies showed a commitment to their future together as spouses.
The survey of 1070 men and women who have been married between one and three years was conducted by Impulse Research in August 2007 on behalf of Allstate.