For many American workers, life insurance benefits are provided, or at least offered, by employers. Given the important role that life insurance plays in long-term financial planning, this might seem like a boon, but a new study suggests that American workers may not value their life insurance benefits as much as they should.

The study, conducted by Guardian Life Insurance, reveals that while employees do tend to place some value on their life insurance benefits, "there is significant room for improvement."

According to World Financial Group (WFG), appreciating the benefits of life insurance is directly tied to understanding what those benefits can do, and recognizing their potential for real-world value. The company notes that "comprehending how benefits affect you and your family is essential, and it is important to know what value they provide in a time of need."

In the Guardian survey, employees were asked to rank their assessment of life insurance benefits, on a scale of one to 10. The survey found the average score to be 6.8. Roughly half of all workers said that they were highly satisfied with their life insurance benefits from their employers. Meanwhile, 42 percent of employers responded by saying that they believed their employees to be highly satisfied with their life insurance benefits.

For this study, WFG draws special attention to one particular finding in the Guardian study. Workers and employers alike are found to agree that, generally speaking, life insurance benefits are not well understood.

Guardian also notes that age and gender can affect the extent to which an employee values life insurance benefits. Broadly speaking, older employees place a higher value on life insurance. Additionally, the study finds that, on average, women value life insurance more than their male counterparts.