Traditional life insurance protection is an essential safety net to many consumers, with two-thirds of those surveyed indicating that it is one of the safer financial products available today, new research shows.

The same survey, from Prudential Financial, found that the current market conditions are reinforcing people’s need to have life insurance, yet fewer than one-quarter of policyholders have reviewed their coverage.

Two-thirds of consumers say the market’s up-and-downs have renewed their appreciation for life insurance coverage, the study said. Just 24% of those policyholders have reviewed their coverage and even fewer have made changes, according to Prudential’s research.

“The market collapse last year led all of us to reassess our needs, and cut down on spending,” said Mark Hug, chief marketing officer of Prudential’s Individual Life Insurance business. “People know life insurance can fill needs broader than just providing a death benefit.”

Compared with 18 months ago, about half of those interviewed feel less confident financial vehicles such as stocks and bonds or the home equity they may have built up will meet retirement goals, outpace inflation or provide a comfortable nest egg; and

Exactly 78% of respondents are equally or more confident their life insurance death benefit will be there to protect their loved ones.

“Unemployment concerns are also having an impact,” Hug said. Two-thirds of those surveyed realized they need individual coverage in addition to that provided by an employer. Yet 55% have twice their annual income or less aside from coverage they get at work, the survey showed.