A new survey by PolicyGenius, a digital insurance brokerage and multi-product shopping platform, finds most Americans (50 percent) are not sure if they have the right level of insurance, and they don’t consider it a high financial priority – which could prove to be a critical mistake. An additional seven percent of respondents have no idea what level of insurance they have.
Among other findings from the survey conducted last month were:
- Nearly two thirds (59 percent) of consumers conduct online research as a first step when shopping for insurance.
- Almost half (48 percent) feel they have less health insurance than they need and reported their last insurance experience was a negative one.
- Women are less comfortable than men about their financial decisions, with 41 percent saying they are “not too confident” in contrast to 61 percent of men who say they are “pretty confident” in their choices.
- Those ages 25 to 34 are least confident in their insurance decisions, with 54 percent reporting too much or not enough insurance.
“There’s a serious gap in insurance understanding, protection, and access in the U.S., which additional studies have shown lead to financial hardships including bankruptcy,” said Jennifer Fitzgerald, co-founder and CEO of the survey sponsor. “We hope to bring the nation closer to the help it needs to avoid these financial hardships and the disasters that underinsurance causes.”