Life Insurance Considered One of the Most Important Assets for Consumers Grappling with Finances Amidst Pandemic
01 Settembre 2021 - 09:16PM
Business Wire
A new study from Lincoln Financial Group shows
growing appeal of life insurance among millennials
As a result of COVID-19, American consumers are more focused on
financial planning, with 60% of respondents thinking differently
about their financial future, according to a new study from Lincoln
Financial Group (NYSE: LNC).1 With respondents most likely to feel
‘stressed’ or ‘anxious’ about financial planning, consumers are
motivated to take action, ranking life insurance as one of the top
three most important financial assets to continue funding (after
emergency savings, and tied with retirement savings accounts).
Nearly a quarter of millennials said the importance of funding life
insurance has increased for them, the most among any
generation.
“As we head into Life Insurance Awareness Month, it’s
encouraging to see the importance of life insurance resonating
across generations, with increasing appeal among younger
demographics,” said Mike Burns, Senior Vice President of Life
Solutions, Lincoln Financial Group. “Life insurance is more than
financial coverage in the form of death benefit protection for your
loved ones. There are also ‘living benefits’ that can be drawn from
a policy, making life insurance an asset that you can buy not just
for your family, but also for yourself.”
Building a Comprehensive Life Insurance Strategy
Among life insurance owners or those planning to purchase a
policy, income replacement for family in the event of death,
covering funeral/burial expenses, and financially protecting family
in the case of a chronic illness or disability were the top reasons
cited for purchasing a policy. Millennials were significantly more
likely than Gen X and Baby Boomer respondents to also cite life
insurance’s ability to provide tax-free retirement income as an
important reason for selecting coverage or owning a policy.
Overwhelmingly, the amount beneficiaries receive is the top
consideration when purchasing a policy, cited by 83% of survey
respondents. The ability to also generate savings (cash value) with
the policy was important to 57% of millennials, compared to 29% of
Gen X and 22% of Boomer respondents. Similarly, 46% of millennials
said the flexibility to withdraw money from a policy is important
compared to 24% of Gen X and 13% of Boomers respondents.
When deciding when and where to purchase life insurance, it is
important for consumers to consider all of their options. Today’s
life insurance market offers a diverse set of solutions across
various price points so consumers can tailor coverage to their
specific needs — ranging from lower-cost Term life insurance that
can be purchased through an employer or outside the workplace for
simpler needs, to permanent products that provide longer-duration
coverage and added flexibility.
Coverage amount was not only the top policy feature cited by
respondents, but it was also the top factor when selecting a life
insurance carrier, followed by cost. Millennials were significantly
more likely than any other generation to also say the speed in
which they can get approved for coverage is an important
consideration when selecting a carrier. Today, companies like
Lincoln Financial have made it possible to potentially get coverage
in as little as 24 hours, with a completely digital end-to-end life
insurance purchase process, including the potential for qualifying
clients to have underwriting labs waived.
“Life insurance coverage is critical in helping families secure
their financial futures,” said Ralph Ferraro, Senior Vice
President, Head of Product, Workplace Solutions, Lincoln Financial
Group. “With workplace open enrollment season underway, Life
Insurance Awareness Month is the perfect time to work with a
financial professional to assess how life insurance fits into your
holistic financial plan and then build a comprehensive life
insurance strategy, whether that’s through coverage provided by
your employer, a financial professional or both.”
Resources to Help You Plan
To help consumers understand the various ways life insurance can
fit into a well-rounded financial plan, throughout the month of
September, Lincoln Financial will be publishing expert insights and
real-world life insurance stories in its newsroom on
LincolnFinancial.com. Today’s insights, found here, are provided by
Dianna Parker, a financial planner and National Resource with
Sagemark Consulting with more than 30 years of experience helping
business owners, individuals and families secure their financial
futures with life insurance.
Lincoln also offers the following resources to help consumers
begin their life insurance planning process in consultation with a
financial professional.
- Life Insurance Planning Guide
- Life Insurance Calculator
- Life Insurance Selection Tool
- Living Benefits Guide
Complete findings from the Lincoln Consumer Sentiment Study are
available here.
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, more than 17 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 $324 billion in end-of-period account values as of June
30, 2021. Lincoln Financial Group is a committed corporate citizen
included on major sustainability indices including the Dow Jones
Sustainability Index North America and FTSE4Good. Dedicated to
diversity and inclusion, we earned perfect 100 percent scores on
the Corporate Equality Index and the Disability Equality Index, and
rank among Forbes’ Best Large Employers and Best Employers for
Women, and Newsweek’s Most Responsible 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.
Source:
- Lincoln Financial Group, Consumer Sentiment Study, July
2020-2021
LCN:3741372-083121
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version on businesswire.com: https://www.businesswire.com/news/home/20210901005950/en/
Lincoln Financial Group: Jay Russo 860-466-1324
Jay.russo@lfg.com
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