New Research Underscores Value of Life Insurance in Helping Consumers Address Today’s Top Financial Planning Challenges

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: