Lincoln Financial Group Research Uncovers Opportunities to Help Consumers Achieve More of Their Financial Goals with Life Insurance

Financial Services Leader Releases Four Tips During Life Insurance
Awareness Month That Highlight the Importance of Engaging with Financial
Advisors and Leveraging Workplace Benefits

RADNOR, Pa.–(BUSINESS WIRE)–September is Life Insurance Awareness Month, and a series of new studies
from Lincoln Financial Group show that while more than 90 percent of
people agree that life
insurance helps provide financial security
, 43 percent feel they
know little or nothing about it.

“It’s good to see that nearly all consumers recognize the importance of
life insurance, but unfortunately, many are missing a deeper
understanding of what it can do for them,” said Mike Burns, senior vice
president of Life Solutions at Lincoln Financial Group. “There’s a wide
variety of coverage types available in the market today, including some
that include ‘living benefits’ that can help people address many
different financial goals and challenges over the course of one’s life.
Life insurance can be a key component of a comprehensive financial plan,
and by taking the time to understand all of the options and various
policy features, consumers can ensure they are getting the most out of
their coverage.”

Life Insurance May be More than Meets the Eye

Lincoln Financial’s research finds that 57 percent of adults own some
form of life insurance, and 39 percent of employed Americans cite life
insurance as the most important non-medical insurance benefit in
influencing their decision to join a company. The most common drivers
for purchasing life insurance include covering funeral expenses (45
percent), helping a spouse pay bills (30 percent), and replacing income
after death (29 percent).

Although known primarily for death benefits, many types of life
insurance policies also offer ‘living benefits’ that can address various
financial concerns while policy owners are alive. Not surprisingly,
research finds that many are unaware of these possibilities. Just 31
percent of consumers say they know that life insurance can help with
medical and long-term care expenses, only 21 percent are aware that
retirement income is a potential use for life insurance, and only 14
percent realize it can help with college funding.

Making Informed Decisions

“There are a variety of resources available to help consumers make
informed decisions on life insurance coverage, starting in the
workplace,” said Dick Mucci, president of Lincoln Financial’s Group
Benefits business. “It’s crucial to leverage the resources typically
offered through work, such as benefits fairs or meetings with enrollment
counselors. And it’s important to remember that these should not be ‘one
and done’ conversations. Life insurance needs often change, and as such,
we should be regularly evaluating and managing our policies to ensure
they are keeping pace with what’s happening in our lives. For example,
the benefits open enrollment period at work, or a life-milestone such as
the birth of a child, are good times to reexamine needs.”

For those who are considering purchasing a life insurance policy or
already own one, Lincoln Financial offers the following four tips:

  • Define and prioritize your short-term and long-term financial goals.
    You can get started with an online tool, such as Lincoln Financial’s
    quick and simple Financial
    Goals Questionnaire
  • Learn about the different
    types of life insurance
    available through your employer or through
    a financial advisor, and determine the type(s) best suited to help you
    achieve your specific financial goals.
  • Decide how much coverage you need, considering factors such as: income
    replacement needs in the event of loss of a spouse; current and
    anticipated debt/bills that a policy’s death benefit would need to
    cover; and lifestyle preferences. Calculator
    are available online to help you get started.
  • Make sure your coverage continues to meet your current and future
    financial goals by reviewing your policy every one or two years, or if
    you’ve experienced or expect any changes in your family life,
    employment or finances.

“Life insurance has the potential to help people protect, build and
access wealth for themselves, for their loved ones and for the important
things in their lives,” said Andrew Bucklee, senior vice president and
head of Insurance Solutions Distribution for Lincoln Financial
Distributors. “However, there are many considerations to take into
account when purchasing and managing a policy. As an industry, it’s
important that we continue to educate people on life insurance.
Financial advisors can play a critical role in helping individuals
determine where life insurance fits into their portfolio today and in
the future.”

Lincoln Financial’s research finds that people most-often identify as
being self-taught (31 percent) when it comes to life insurance, and
family members are cited as the second most-prevalent source of
information (22 percent). However, only 13 percent of people say they’ve
learned about life insurance through an employer, and just 9 percent say
they’ve learned from a financial planner. This presents a great
opportunity for employers and financial professionals to have a larger
impact in consumers’ education on the benefits of life insurance.

To learn more about the different ways life insurance can help
individuals achieve their financial goals, visit Lincoln
Financial’s website

For an infographic snapshot of the research highlighted in this press
release, please visit
this link

About Lincoln Financial Group

Lincoln Financial Group provides advice and solutions that help empower
people to 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, as well as to 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 $241 billion in assets
under management as of June 30, 2017. Learn more at:
Find us on Facebook,
and Instagram.
To sign up for email alerts, please visit our Newsroom at


The Lincoln Financial Group 2017 Life Insurance Awareness Month
Omnibus Study

Results of the 2017 Life Insurance Awareness Month Omnibus Study are
based on an online survey of 1,012 adults 18 years of age or older
across the United States, conducted in July 2017 by Lincoln Financial
Group and ORC International. The margin of error associated with the
total sample is +/- 3% at the 95% confidence level.

The Lincoln Financial Group 2017 Employee Benefits Study

Results of the Employee Benefits Study are based on a national survey of
employees conducted by PSB on behalf of Lincoln Financial Group. The
research was conducted between April 13 and May 2, 2017 among 2,500
employed adults above the age of 18. Data shown in this report is
weighted to reflect the proportion of U.S. employees by gender, age,
region, race and ethnicity based on data from the Bureau of Labor
Statistics and the U.S. Census Bureau. The margin of error is ± 2% at
the 95% confidence interval for the entire sample.

For additional background information on these studies, please click



Lincoln Financial Group
Erika Powell, 336-814-0811,
Ponticello, 484-583-3904,