92% of Americans Don't Understand This Risk Management Tool

There are lots of ways to protect yourself against unexpected financial disaster. You could hide physical gold under your mattress or stash money in offshore accounts, for example. But a more conventional approach would involve selective use of insurance as a supplement to your emergency fund.

And that makes sense, right? You expect your car and homeowners insurance coverage to ease the financial strain of pricey repairs. But a recent insurance industry report finds that many Americans aren't aware there's another form of insurance that can get you out of a bind -- and that's life insurance. The AIG Life Insurance IQ study, released in March 2020, reports that 92% of Americans don't understand the full range of benefits permanent life insurance can offer during their lifetime. The study was developed from responses provided to an online survey of 2,201 U.S. adults in December 2019.

Image source: Getty Images.

Continue reading

Source Fool.com