What keeps American workers awake at night? For one in three, it’s the fear of losing a loved one.
This finding, among several insights from the American Workers Survey,* could be why 87 percent of respondents say life insurance is important, and why two in three have coverage.
In addition to the fear of losing a loved one, financial issues—including paying bills (29 percent), losing household income (26 percent) and saving for retirement (23 percent)—are among the top worries that caused respondents to lose sleep.
While 42 percent of respondents say their stress has risen in the 10 years since the financial crisis, a plurality report that their happiness, financial security, personal wealth and job security have improved.
When asked which products (life insurance, bank accounts, mortgages, credit cards, student loans) provide the most financial security for the people in their lives, American workers were most likely to choose life insurance, with one in three saying it provides a lot of financial security.
Moreover, American workers consider life insurance companies to be the least risky among financial services providers. Out of 11 industries, life insurers were among the lowest in terms of needing additional regulatory oversight, survey respondents said.
*The American Workers survey was conducted online by Morning Consult on behalf of Prudential Financial, Inc., from Oct. 31 to Nov. 6, 2017, identifying the role of life insurance in the lives of 2,058 self-identified part-time and full-time employed adults.