Most Americans understand that owning life insurance is key to not only replacing the income of a deceased breadwinner, but also protecting a family’s wealth.
Lincoln Financial Group unveils this encouraging finding in its 2015 annual M.O.O.D. (Measuring Optimism, Outlook, and Direction) of America study. The report is based on a national survey conducted by Whitman Insight Strategies among 2,273 adults 18 and older across the U.S.
The study finds that nearly three-quarters (74 percent) of Americans believe that life insurance coverage is an important step toward protecting wealth. The report also indicates life insurance owners are significantly more likely than non-owners (75 percent vs. 64 percent) to feel “in control,” a mindset that combines how comfortable respondents feel about their overall life, personal or family life, health and financial future.
Despite these sentiments of confidence and empowerment, the survey reveals that only 49 percent of Americans actually own life insurance. Of those that do own it, 51 percent purchased it through an agent or advisor, 32 percent through their work, and 17 percent got it through both.
A separate study recently conducted by Lincoln, “The American Consumer study,” indicates that ownership levels may be due to the way consumers prioritize their spending, and their perceptions around the benefits of life insurance.