SOURCE: World Financial Group
SAVANNAH, GA--(Marketwire - Sep 27, 2012) - Marriage is very often a catalyst for couples to obtain life insurance, but the same cannot always be said of parenthood. That is the conclusion of a recent study, conducted by MetLife, which finds that many spouses purchase life insurance coverage to protect and provide for one another in the event of tragedy, but also that these same couples typically fail to re-evaluate their life insurance needs upon becoming parents. The study has won the attention of many life insurance professionals, including those who work at World Financial Group.
World Financial Group, or WFG, is a company whose services span Canada and the United States, and encompass the needs of individuals, families, and businesses. WFG's financial professionals offer services related to college tuition savings strategies and retirement planning, but the company is also zealous about life insurance. It has issued a new press statement, responding to the MetLife study and emphasizing the importance of families regularly re-assessing their life insurance needs.
"It is important for families to understand how critical it is to re-evaluate their life insurance coverage for every significant life event," says the new World Financial Group press statement. "Re-evaluating your options during these life events is key, which could save them time and effort and also make things easier in the future, should the unthinkable happen. Families should not only re-evaluate their life insurance needs, but they should do so as promptly as possible."
According to the MetLife study, however, many families do not re-evaluate their needs as often as they should.
In fact, the study finds that roughly half of all single men and women without children have some form of life insurance. Upon marriage, that number expands dramatically, to roughly 72 percent. However, when children enter the equation, the number of those who have life insurance increases only a small amount, to roughly 75 percent. In other words, many spouses purchase life insurance as a way of protecting one another upon marriage, but do not increase the amount of coverage when they have children.
The study goes on to say that while it may not always prove necessary for families to increase their life insurance coverage after having a child, it is important for them to ensure they have an adequate amount of coverage. MetLife finds it particularly concerning that many only have life insurance that amounts to three times their annual income, which may not be enough once children enter the picture.
World Financial Group is zealous for empowering its clients through education, and for ensuring that families understand the options available to them as far as life insurance is concerned.
World Financial Group is a North American company that employs financial professionals across the U.S. and Canada. The company is devoted to providing services to corporate and individual clients alike, including retirement planning, college planning, and advisory services to small and mid-sized businesses. World Financial Group is also zealous about life insurance, and provides individuals and families with empowering information about the different life insurance options that exist.