Life Insurance Awareness Month is the perfect
time for consumers to learn how life insurance can help support
financial goals beyond death benefits
Consumers report that taking care of their families financially
is a top priority, yet 68% are prioritizing other financial goals
or investments ahead of life insurance, according to new research
from Lincoln Financial Group1 (NYSE: LNC). During Life Insurance
Awareness Month throughout September, Lincoln Financial is offering
three actions consumers can take now to make life insurance a
priority.
According to Lincoln’s 2023 Consumer Sentiment Tracker1, 80% of
U.S. consumers surveyed say making sure their family is taken care
of financially if they pass away is a financial priority, including
20% who say it is their number one financial priority. Yet, only 8%
of respondents who don't currently own life insurance plan to
purchase or enroll in it over the next five years.
“There are still misconceptions that the value of life insurance
is only accessible once a death certificate is in-hand, but there
are a variety of living benefits that life insurance can provide to
help families secure their financial futures, including protection
and accumulation potential,” said Matt Grove, executive vice
president and president of Retail Solutions at Lincoln
Financial.
In fact, despite the variety of living benefits life insurance
provides, 53% of those surveyed believe it doesn’t become useful
until after they die and less than half of consumers would expect
to use life insurance for various financial goals, such as
long-term care, education expenses, retirement, or growing wealth.
1
“We have an opportunity to help people learn what’s really
available so they can make choices that are right for them and
their families,” said John Kennedy, executive vice president, chief
distribution and brand officer at Lincoln Financial. “Life
Insurance Awareness Month can be the nudge consumers need to learn
more about life insurance and its many forms of financial
protection and wealth accumulation, so they can better understand
its value and prioritize it in their financial planning.”
To recognize the 20th anniversary of Life Insurance Awareness
Month, Lincoln Financial suggests taking the following actions as
part of a financial plan for your future:
1. Determine what is most important to you and your
family. It’s important to know your financial goals before you
begin identifying what tools can be used to help achieve them. For
example, consumers surveyed identified minimizing future taxes
(80%), saving for retirement outside of a workplace plan or IRA
(76%) and saving for education expenses for children (48%) as
current financial priorities, yet less than 46% are aware that each
of these can be supported by life insurance. 1 Lincoln Financial
encourages all consumers to identify their own financial
priorities, both short- and long-term, as the first step in
developing a financial plan.
2. Understand the range of options that may be available.
When deciding when and where to purchase life insurance, consumers
should consider all of their options. Today’s life insurance market
offers diverse solutions across various price points so consumers
can tailor coverage to help meet their specific needs. Permanent
life insurance offers the opportunity to accumulate cash value that
can be withdrawn tax-free. Adding cash-value life insurance to a
portfolio can help protect savings and provide tax-deferred growth
opportunities, all while protecting a family’s financial
future.2
One option for many consumers is to simply take advantage of
their employer and workplace benefits programs.
“As workplace open enrollment season gets underway, now is the
perfect time for consumers to understand the options offered
through their employer and determine how life insurance fits into
their holistic financial plan,” said Jimmy Reid, executive vice
president, president of Workplace Solutions at Lincoln
Financial.
3. Ask for help. Financial planning is an essential part
of reaching financial goals and talking with a financial
professional can make a big difference. As consumers identify their
financial goals and better understand how life insurance can
support them, a financial professional can help build a
comprehensive life insurance strategy, whether that’s through an
individual policy, coverage provided by their employer or both.
Lincoln Financial offers a convenient tool to help consumers find a
financial professional to help them reach their goals.
For more information about life insurance, Lincoln Financial
offers the following online resources:
- Understanding the basics
- Beyond protection
- 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. As of December 31, 2022, 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 $299.2 billion in end-of-period account balances, net
of reinsurance as of June 30, 2023. Lincoln Financial Group is a
committed corporate citizen included on major sustainability
indices including the Dow Jones Sustainability Index North America
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 2023
World’s Most Ethical Companies®. We create opportunities for early
career talent through our intern development program, which ranks
among WayUp and Yello’s annual list of Top 100 Internship Programs.
Learn more at: www.LincolnFinancial.com. Follow us on Facebook,
Twitter, LinkedIn, and Instagram. Sign up for email alerts at
http://newsroom.lfg.com.
1 Perspectives on Life Insurance, Lincoln Financial Group
Research, 2023. 2 Distributions are taken through loans and
withdrawals which reduce a policy’s cash surrender value and death
benefit and may cause the policy to lapse. Loans are not considered
income and are tax free. Withdrawals and surrenders are tax-free up
to the cost basis, provided the policy is not a modified endowment
contract (MEC). A MEC policy is one in which the life insurance
limits exceed certain high levels of premium, or the cumulative
premium payments exceed certain amounts specified under the
Internal Revenue Code. For policies that are MECs, distributions
during the life of the insured, including loans, are first treated
as taxable to the extent of income in the contract, and an
additional 10% federal income tax may apply for withdrawals made
prior to age 59½.
Important Information:
Lincoln life insurance policies are issued by The Lincoln
National Life Insurance Company, Fort Wayne, IN, and distributed by
Lincoln Financial Distributors, Inc., a broker-dealer. The Lincoln
National Life Insurance Company does not solicit business in the
state of New York, nor is it authorized to do so. Lincoln Financial
Group is the marketing name for Lincoln National Corporation and
its affiliates, including The Lincoln National Life Insurance
Company, Fort Wayne, IN, and Lincoln Life & Annuity Company of
New York, Syracuse, NY. Securities and investment advisory services
offered through other affiliates. Affiliates are separately
responsible for their own financial and contractual
obligations.
Policies sold in New York are issued by Lincoln Life &
Annuity Company of New York, Syracuse, NY, and distributed by
Lincoln Financial Distributors, Inc., a broker-dealer.
All guarantees and benefits of the insurance policy are subject
to the claims-paying ability of the issuing insurance company. They
are not backed by the broker-dealer and/or insurance agency selling
the policy, or any affiliates of those entities other than the
issuing company affiliates, and none makes any representations or
guarantees regarding the claims-paying ability of the issuer.
Products, riders and features are subject to state availability.
Limitations and exclusions may apply. All contract provisions,
including limitations and exclusions, should be carefully reviewed
by the owner. For costs and complete coverage details, contact your
agent or producer.
It is possible coverage will expire when either no premiums are
paid following the initial premium, or subsequent premiums are
insufficient to continue coverage.
Lincoln Financial Group® affiliates, their distributors, and
their respective employees, representatives and/or insurance agents
do not provide tax, accounting or legal advice. Please consult an
independent financial professional as to any tax, accounting or
legal statements made herein.
Note: Matt Grove, John Kennedy, and Jimmy Reid are spokespersons
for Lincoln Financial. They hold leadership roles within Lincoln
Financial Distribution, the wholesaling broker-dealer of Lincoln
Financial Group. They are compensated by Lincoln and are
shareholders of Lincoln National Corporation.
The purpose of this communication is the solicitation of
insurance. A licensed insurance agent or the company may contact
you.
LCN-5923470-090123
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version on businesswire.com: https://www.businesswire.com/news/home/20230912289535/en/
Media: Joseph Gardner 484-781-3358
joseph.gardner@lfg.com
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