“The public education program we are introducing today directly grows out of our mission and is laser-focused on helping consumers better understand insurance issues that significantly affect their lives, including how to protect themselves from a growing national problem–the sale of fake insurance,” said Catherine Weatherford, NAIC executive vice president.

The NAIC's recent consumer research has identified troubling perceptions and misunderstanding about insurance at every life stage, she added.

Among the findings of the research:

o Twenty percent of young singles say they would let their auto insurance policies lapse to save money and 18 percent would decline employer health insurance to save money.

oFewer than half of young families have life insurance purchased on their own for either spouse.

oMore than half of respondents did not understand the terms under which they can elect to continue their health coverage under their old employer's policy if they leave a job as stipulated under the COBRA law.

oOnly 12 percent of empty nesters-seniors think they are likely to need long-term care, and they significantly underestimate the cost of such care.

oOnly 45 percent of consumers get suspicious when they see the top warning sign associated with fake insurance–a policy that costs significantly less than other policies with comparable coverage.

“Insure U broadens our commitment to consumer education and reinforces our initiatives to help consumers avoid being duped by insurance scams,” Ms. Weatherford said.