Ethos Monetary Legacy Index
Ethos Monetary Legacy Index
SAN FRANCISCO, Might 28, 2020 (GLOBE NEWSWIRE) — Immediately, Ethos, the corporate making life insurance coverage accessible to all, launched its inaugural Monetary Legacy Index. This report exhibits for the primary time how People take into consideration parts of their monetary legacy and the steps they’re taking to guard their household’s monetary future.
On this report, Ethos defines “financial legacy” because the monetary state of affairs one leaves behind for his or her family members; it’s made up of every little thing from an individual’s belongings and financial savings accounts to their debt, life insurance coverage insurance policies, and extra. This survey, performed earlier than the onset of COVID-19, assesses the monetary circumstances of American households earlier than the pandemic. Many have since confronted devastating financial and societal impacts, and almost all are actually making ready themselves and their funds for a recession. How People understand their monetary legacies and the steps they’re taking to guard their households is extra related than ever.
Listed here are a number of the key findings:
- Whereas a robust majority of People (82%) value abandoning a robust monetary legacy, a major variety of individuals (38%) lack confidence they are going to achieve this.
- 52% of People say they usually fear concerning the monetary state of affairs they are going to depart behind for his or her kids/future kids after they go away.
- Nearly all of People haven’t taken essential steps towards defending their household’s monetary future if the surprising occurs:
- 61% haven’t taken out a life insurance coverage coverage
- 60% haven’t contributed to a private financial savings account
- 61% haven’t contributed to a 401ok or different retirement financial savings account
- One-third (33%) of People say their household can be left financially unstable or bankrupt within the occasion of their loss of life.
- 80% of ladies say most People can’t simply afford the common price of $9,500 for funeral and burial bills for a cherished one, in comparison with 64% of males.
“The devastating financial and well being impacts of COVID-19 have spurred a renewed sense of urgency amongst People to guard their household’s monetary future. Once we performed this survey in a pre-COVID-19 world, it was clear People weren’t financially ready for tragedy – one-third mentioned their household can be left financially unstable in the event that they died out of the blue. Now, what was as soon as unimaginable for many has develop into a actuality for a lot of,” mentioned Peter Colis, CEO and Co-founder at Ethos. “This report was capable of gauge the state of American monetary preparedness earlier than the onset of the pandemic, and as we glance to our future, it is extra necessary than ever that individuals have entry to the instruments and assets they should defend their household’s monetary future.”
This survey was performed on-line inside the US by The Harris Ballot on behalf of Ethos between December 18-20, 2019 amongst 1,978 adults ages 20+, and the survey gives demographic breakdowns with regard to gender, age, and entry. Ethos plans to proceed to fee the Monetary Legacy Index at an everyday cadence so as to observe traits of People’ emotions towards their monetary legacies over time. See the total Ethos Monetary Legacy Index right here.
Ethos is a brand new type of life insurance coverage supplier making getting protection straightforward and accessible for hundreds of thousands of households. Ethos makes use of predictive analytics and complicated information expertise to remove conventional boundaries to life insurance coverage and convey the trade into the fashionable age. The corporate constructed its expertise from the bottom up with a concentrate on making a seamless buyer expertise; a mobile-first, on-line software course of that takes minutes as an alternative of weeks, and providing protection with no medical examination for many candidates. The result’s a life insurance coverage firm that places individuals 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 with places of work in Austin and Singapore. To be taught extra, go to www.ethoslife.com.
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