Consumer thoughts regarding life insurance during the covid-19 pandemic

Q1. What are the primary reasons you own life insurance?

0 %

Cover funeral related expenses

0 %

Cover lost income for my family if I die

0 %

Transfer wealth to my family or heirs

0 %

Protect wealth that I've accumulated

0 %

Generate savings to supplement my retirement plans

0 %

Cover taxes on current income/investments

0 %

Cover estate taxes

Q2. Would you be more likely to purchase new/additional life insurance if …

 YesNo I Don't Know
You could do so completely electronically 29% 46% 26%
You could do so without having to complete lab tests
as part of the underwriting practice
35%44%22%
It provided more than just death benefit protection,
and you could use it for future needs or
emergencies while you're alive
45%32%23%

Q3. As a result of the COVID-19 pandemic, have you reviewed your life insurance coverage to ensure it's up to date and meeting your needs?

0 %

YES

0 %

NO

Q4. Has the COVID-19 pandemic changed your view on the importance of life insurance?

0 %

Yes, I now think life insurance is MORE IMPORTANT to own

0 %

Yes, I now think life insurance is LESS IMPORTANT to own

0 %

No, my view of life insurance importance has NOT CHANGED

Q5. What are the biggest obstacles to purchasing life insurance?

It's too expensive
37%
I don't want to have lab work done as part of the underwriting process
11%
The application process is too long and cumbersome
10%
The products are too complicated
11%
I don't know what type or how much to buy
16%
I have other competing financial priorities
22%
I don't know where to purchase life insurance
9%
Other
3%
There are no obstacles to purchasing life insurance
33%

Source: Lincoln Financial Group / Engine Insights, Life Insurance Awareness Month Survey, July 17-19, 2020