Nearly one in every three Americans over the age of 18 have no life insurance, and 30 percent of households with life insurance have inadequate coverage totaling less than their annual income, finds a survey commissioned by Metlife.

Most households (76 percent) with inadequate coverage are under the false impression that their coverage is sufficient.  Furthermore, only 64 percent of the "prime needs" category, full-time employees with dependents, have any life insurance.  And 58 percent of those with coverage revealed that their amount is less than three times their household income.

The study concludes that most people give little thought to their group life insurance benefits and simply maintain the same level of life insurance coverage year after year.