MetLife completed a survey of surviving spouses several years ago which provides insight into what amounts of life insurance were adequate.
It was found that the premature death of a spouse caused a “major” or “devastating” financial impact according to most surviving families, and that this was attributable to a lack of adequate life insurance coverage:
- More than half of the surviving spouses who received life insurance proceeds described the amount of coverage as “inadequate.”
- On average, it took surviving families four to five years to recover financially from the premature death.
- The vast majority of surviving families had to make significant adjustments to cope with the financial impact of the death.