New Research Underscores Value of Life Insurance in Helping Consumers Address Today’s Top Financial Planning Challenges
06 Settembre 2022 - 7:43PM
Business Wire
Amid rising concerns around inflation, market
volatility and tax and business planning, Lincoln Financial Group
is using Life Insurance Awareness Month to encourage people to
consider the living benefits of life insurance
New research from Lincoln Financial Group (NYSE: LNC) finds U.S.
consumers surveyed are looking to better understand how to weather
the current economic climate, yet few are taking action. During
Life Insurance Awareness Month, Lincoln Financial encourages
consumers to adopt an “if not now, when?” financial planning
mindset, highlighting how the often unknown or misunderstood living
benefits of life insurance, which can be accessed during a
policyowner’s lifetime, can help address the challenges of today,
including inflation, market volatility and potential tax
changes.
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“Nearly 70% of life insurance owners surveyed say they feel
financially secure compared to 47% of non-owners, yet just half of
American adults have any type of life insurance coverage1,” said
Matt Grove, executive vice president and head of Individual Life
& Annuities and Lincoln Financial Network. “Life insurance can
help provide families financial security, as it’s done during the
pandemic, and offers the flexibility to address some of the
economic challenges we face today, like volatility and inflation.
While people often know about the importance of life insurance
death benefits, the ‘living benefits’ are often overlooked. Times
like these should be a call to action to speak with a financial
professional, evaluate your plan and your options and prepare for
the future today.”
Protecting against inflation and market volatility
Inflation is the top personal financial concern of consumers
surveyed, with two-thirds saying they feel concerned, and 61%
saying they’re more concerned as a result of the current
environment2. Stock market volatility also has the attention of
respondents, with 43% saying it is a concern, and 37% saying
they’re more concerned as a result of the current market2.
Relatedly, Lincoln Financial’s research finds that having enough
income in retirement is the second-most cited concern of those
surveyed, with having enough money to cover large
purchases/expenses and outliving money also high on the list2.
Despite more than 80% of consumers surveyed wanting to better
understand how they can protect against inflation and market
volatility, only about 1 in 5 have reviewed or made changes to
investments or financial plans to address either2. Life insurance
can help address the impacts of inflation and volatility, with
certain policies offering:
- Access to any cash value in the policy for needs such as
funding a child’s college tuition or supplementing retirement
income
- Investment accounts, including indexed accounts to pursue
market upside with downside protection
- Optional features to help protect against cost-of-living
increases by automatically growing the policy’s coverage each
year
Preparing for taxes in retirement The potential for tax
changes is also top of mind for many, particularly related to
retirement plans. More than half of consumers surveyed by Lincoln
Financial are concerned about how tax changes may impact their
ability to live off retirement savings, retirement income and
lifestyle. Similarly, 46% are concerned how tax changes may impact
estate plans and beneficiaries. Despite 43% of respondents stating
they are not prepared for estate taxes, and 32% reporting they are
not prepared for income taxes in retirement, less than 30% have
ever spoken to a financial professional about ways to minimize
exposure to taxes in their investment or retirement accounts3.
Taxes are another financial planning challenge that life
insurance can help with, including:
- Tax-deferred cash value growth opportunities
- Income tax-free death benefits passed on to beneficiaries
- Tax-advantaged charitable giving options
- Effectively and efficiently transferring an estate from one
generation to the next
Strengthening your business In today’s competitive hiring
market, life insurance can play an important role in attracting,
retaining and rewarding employees and making sure that a business
continues into the future. In fact, 77% of employees surveyed see
insurance benefits other than health insurance as a must have or
very important when deciding to take a new job, according to
research from Lincoln Financial4.
Small businesses are no exception, with more than a quarter
(28%) of small business owners surveyed offering better benefits to
attract and retain talent as a result of the pandemic — and life
insurance is the top benefit added5. However, just 22% of small
business owner respondents have spoken with their financial
professional about protecting against the loss of key people, only
37% offer life insurance as part of executive incentive packages,
and just 43% have a formal transition plan that includes a
financial strategy, which life insurance can help address5.
“In the current hiring market, business owners are recognizing
the value a comprehensive benefits package has in attracting and
retaining top talent,” said James Reid, executive vice president,
head of Workplace Solutions. “And life insurance is more important
than ever, as employers look to offer options that give peace of
mind to their employees by ensuring they can protect their loved
ones.”
To help consumers understand the many different ways life
insurance can help plan for the future as part of a well-rounded
financial plan, Lincoln offers the following online resources:
- Understanding the basics
- Beyond protection
- Living benefits
- Business planning
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help
people take charge of their financial lives with confidence and
optimism. Today, approximately 16 million customers trust our
retirement, insurance and wealth protection expertise to help
address their lifestyle, savings and income goals, and guard
against long-term care expenses. Headquartered in Radnor,
Pennsylvania, Lincoln Financial Group is the marketing name for
Lincoln National Corporation (NYSE:LNC) and its affiliates. The
company had $279 billion in end-of-period account values as of June
30, 2022. Lincoln Financial Group is a committed corporate citizen
included on major sustainability indices including the Dow Jones
Sustainability Index North America and FTSE4Good and ranks among
Newsweek’s Most Responsible Companies. Dedicated to diversity,
equity and inclusion, we are included on transparency benchmarking
tools such as the Corporate Equality Index, the Disability Equality
Index and the Bloomberg Gender-Equality Index. Committed to
providing our employees with flexible work arrangements, we were
named to FlexJobs’ list of the Top 100 Companies to Watch for
Remote Jobs in 2022. With a long and rich legacy of acting
ethically, telling the truth and speaking up for what is right,
Lincoln was recognized as one of Ethisphere’s 2022 World’s Most
Ethical Companies®. Learn more at: www.LincolnFinancial.com. Follow
us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email
alerts at http://newsroom.lfg.com.
Sources:
- LIMRA, 2022 Insurance Barometer Study, April 2022
- Lincoln Financial Group, Consumer Sentiment Tracker, 1Q-2Q
2022
- Lincoln Financial Group, Monthly Consumer Sentiment Tracker,
December 2021
- Lincoln Financial Group, Monthly Consumer Sentiment Tracker,
November 2021
- Lincoln Financial Group, Small Business Owner Survey, November
2021
LCN:4931838-090122
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Lincoln Financial Group: Jay Russo 860-463-5618
Jay.russo@lfg.com
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