Ethos Financial Legacy Index
Ethos Financial Legacy Index
SAN FRANCISCO, Could 28, 2020 (GLOBE NEWSWIRE) – Instantly, EthosThe corporate that makes life insurance coverage protection obtainable to everybody has began its opening Financial Legacy Index. This report reveals for the primary time how folks take into account components of their financial inheritance and the steps they’re taking to safe the financial way forward for their family.
On this report, Ethos defines “monetary inheritance” as a result of the financial asset one leaves behind for one’s relations; It consists of every thing from an individual’s belongings and monetary financial savings accounts to their money owed, life insurance coverage insurance policies, and further issues. This survey, performed previous to the beginning of COVID-19, assesses the financial circumstances of American households previous to the pandemic. Many have since confronted devastating monetary and societal repercussions, and virtually all are literally getting ready themselves and their funds for a recession. How folks perceive their monetary heritage and what steps they’re taking to guard their households are extra interrelated than ever.
Listed below are among the key findings:
- Whereas a strong majority of individuals (82%) worth giving up a resilient financial inheritance, all kinds of individuals (38%) lack confidence that they’ll obtain it.
- 52% of individuals say they’re often afraid of the monetary situation they’ll go away behind for his or her kids / future kids after they go away.
- Nearly all folks haven’t taken vital steps to defend the financial way forward for their family when the shocking happens:
- 61% haven’t taken out life insurance coverage
- 60% didn’t contribute to a private monetary financial savings account
- 61% didn’t contribute to a 401ok or every other retirement financial savings account
- A 3rd (33%) of individuals say that their family could also be financially unstable or bankrupt due to their loss of life.
- 80% of girls say that most individuals can’t merely afford the standard $ 9,500 worth for funeral and funeral payments for a valued individual, in comparison with 64% of males.
“The devastating monetary and well being repercussions of COVID-19 have renewed the sense of urgency amongst folks to safe the financial way forward for their family. After we performed this survey in a pre-COVID-19 world, it was clear that folks weren’t financially prepared for tragedy – a 3rd stated their households can stay financially unstable in the event that they die out of the blue. What was so unimaginable for a lot of has grow to be a actuality for a lot of, ”stated Peter Colis, CEO and co-founder of Ethos. “This report was capable of assess the state of American financial preparedness previous to the pandemic outbreak, and as we glance to our future, it’s extra obligatory than ever that people have entry to the instruments and belongings which are used to information financial coverage their funds ought to defend future. “
This survey was performed on-line within the US by The Harris Poll on behalf of Ethos between December 18-20, 2019, of 1,978 adults aged 20 and over. The survey consists of demographic breakdowns by gender, age and entry. Ethos plans to gather the price Financial Legacy Index at an on a regular basis cadence to watch traits of individuals’s feelings relating to their financial inheritance over time. See the whole Ethos Financial Legacy Index precisely right here.
Ethos is a model new life insurance coverage safety supplier that makes safety easy and accessible for tons of of 1000’s of households. Ethos makes use of predictive analytics and complicated informational experience to interrupt down conventional boundaries in life insurance coverage safety and convey commerce into the trendy age. The corporate constructed its experience from the bottom up and targeted on making a seamless purchaser know-how. An internet cell software program course, which alternatively lasts weeks, takes minutes, and provides many candidates safety and not using a medical examination. The result’s a life insurance coverage firm that places people first. Ethos is backed by GV (previously Google Ventures), Sequoia Capital, Accel, Goldman Sachs, and Arrive, a subsidiary of Roc Nation. The corporate is headquartered in San Francisco and has workplaces in Austin and Singapore. Extra info is accessible at www.ethoslife.com.
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