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TMCNet:  Americans want to safeguard their family's financial wellbeing

[September 02, 2014]

Americans want to safeguard their family's financial wellbeing

INDIANAPOLIS --(Business Wire)--

A lot has been written about the selfishness of Americans, but a new survey indicates quite the opposite. According to a recent WellPoint survey, Americans would make large and small sacrifices for their loved ones. From handing over the last piece of dessert (88 percent) to forgo watching their favorite TV show so their loved ones can enjoy their favorite program (90 percent) to caring for them in illness (96 percent) - Americans are a committed bunch when it comes to their loved ones.

In honor of Life Insurance Awareness Month, WellPoint conducted a survey that found many Americans believe that commitment extends to safeguarding their family's future wellbeing. This is no surprise; given that financial concerns (39 percent) - more than physical (36 percent) and mental (21 percent) concerns - cause them to worry most when they think about the future security of their family. Furthermore, the majority of Americans (83 percent) believe their family's financial wellbeing is just as important as their emotional wellbeing.

So, what can Americans do to protect their family's financial future? Life insurance, retirement plans and living wills are all on the list. WellPoint's survey found that the majority of Americans consider investing in a retirement plan (68 percent), selecting a life insurance plan (57 percent) and creating a living will (64 percent) very important components in safeguarding their family's future wellbeing.

"Alleviating the stress associated with financial worries is what our Life insurance products are designed to do," said Mike Wozny, president of WellPoint's Life and Disability business. "Our products and services help families that are dealing with the loss of a loved one by providing resources that address both their financial and emotional wellbeing."

Research shows that spending money on others, rather than ourselves, boosts happiness and wellbeing - even if the amounts we spend are relatively small.1 One way people can increase their family's level of happiness and their sense of wellbeig is to make sure they are protected financially and emotionally if and when unexpected events happen. This can be achieved by making sure they have the appropriate Life and Disability coverage.


"For consumers who are motivated to protect the future wellbeing of their loved ones, we offer top-tier designed plans at competitive prices with plenty of flexibility," said Wozny. "For example, our Resource Advisor member assistance program, which is included with Life and Disability plans, offers counseling, legal and financial consultations, and beneficiary companion services to help family members close accounts and finalize their loved one's estate."

The WellPoint survey also illustrates the importance that consumers place on Life insurance, with two-thirds (67 percent) of survey respondents indicating they have Life insurance. Of this group, one-third (36 percent) indicated they fully pay for it. Yet, slightly less than one-third (30 percent) reported not having any Life insurance at all.

"It's clear that Americans value Life insurance, which is good news," said Wozny. "September is Life Insurance Awareness Month, a perfect time for Americans to take the next step in safeguarding their loved one's financial wellbeing by enrolling in Life insurance."

More information about WellPoint's Life Insurance benefits can be found at www.wellpoint.com.

This report presents the findings of a telephone survey conducted among 1,005 adults 502 men and 503 women 18 years of age and older, living in the continental United States. Interviewing for this ORC International CARAVAN® Survey was completed on April 3-6, 2014. 605 interviews were from the landline sample and 400 interviews from the cell phone sample.

The margin of error for the total sample is ±3.0 percent at the 95% confidence level. This means that if we were to replicate the study, we would expect to get the same results within 3.0 percentage points 95 times out of 100.

About WellPoint, Inc.

WellPoint is working to transform health care with trusted and caring solutions. Our health plan companies deliver quality products and services that give their members access to the care they need. With nearly 69 million people served by its affiliated companies, including more than 37 million enrolled in its family of health plans, WellPoint is one of nation's leading health benefits companies. WellPoint companies serve members as the Blue Cross licensee for California; and as the Blue Cross and Blue Shield licensees for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (excluding 30 counties in the Kansas City area), Nevada, New Hampshire, New York (as the Blue Cross Blue Shield licensee in 10 New York City metropolitan and surrounding counties and as the Blue Cross or Blue Cross Blue Shield licensee in selected upstate counties only), Ohio, Virginia (excluding the Northern Virginia suburbs of Washington, D.C.), and Wisconsin. In most of these service areas, WellPoint does business as Anthem Blue Cross, Anthem Blue Cross and Blue Shield, Blue Cross and Blue Shield of Georgia and Empire Blue Cross Blue Shield, or Empire Blue Cross (in the New York service areas). It also serves customers in other states through its Amerigroup, CareMore and UniCare subsidiaries. To find out more about WellPoint, go to wellpoint.com.

1 Dunn, E.W,. Aknin, L.B., & Norton, M.I. (2008) Spending money on others promotes happiness. Science, 319 (5870), 1678-1688


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