Consumer thoughts regarding life insurance during the covid-19 pandemic
Q1. What are the primary reasons you own life insurance?
Cover funeral related expenses
Cover lost income for my family if I die
Transfer wealth to my family or heirs
Protect wealth that I've accumulated
Generate savings to supplement my retirement plans
Cover taxes on current income/investments
Cover estate taxes
Q2. Would you be more likely to purchase new/additional life insurance if …
|Yes||No||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
|It provided more than just death benefit protection,|
and you could use it for future needs or
emergencies while you're alive
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?
Q4. Has the COVID-19 pandemic changed your view on the importance of life insurance?
Yes, I now think life insurance is MORE IMPORTANT to own
Yes, I now think life insurance is LESS IMPORTANT to own
No, my view of life insurance importance has NOT CHANGED
Q5. What are the biggest obstacles to purchasing life insurance?
Source: Lincoln Financial Group / Engine Insights, Life Insurance Awareness Month Survey, July 17-19, 2020