Life insurance increases feelings of financial security. About two thirds of Americans with life insurance feel financially secure compared with under half of uninsured Americans. Still, over 106 million Americans live with a gap in life insurance coverage. Life Insurance Awareness Month, led every September by the nonprofit organization Life Happens, including this past September, is designed to raise awareness for the important role life insurance plays in financial security.
As part of its ongoing research into the life insurance industry, CI’s Life Insurance Monitor research team tracked how firms promoted Life Insurance Awareness Month in 2022. Firms are raising awareness for life insurance through new research, articles and resources that both encourage individuals to purchase life insurance and help financial professionals address the growing need for it. Here are some examples tracked by our research team:
Lincoln Financial Group educates on life insurance benefits
Lincoln Financial Group’s recently released research found that inflation and stock market volatility are prominent concerns for many consumers. Over 80% of respondents to the firm’s survey reported wanting to better understand how to protect against such issues. However, the research also found that, outside of supporting their family, only 20% of respondents understood the other benefits that can come with life insurance, such as supplemental retirement income and investment growth. Lincoln Financial Group is using Life Insurance Awareness Month to help people better understand the living benefits that come with life insurance and encourage them to adopt an “If not now, when?” mentality.
Prudential offers life insurance quote tool, webinar and sweepstakes
Like Lincoln, Prudential also had the goal of educating prospects on the diverse benefits of life insurance throughout the month. A recent LIMRA survey found that about 42% of respondents reported being either somewhat or not knowledgeable at all about life insurance. To make getting started easier, Prudential created an automated service that provides a life insurance policy quote within minutes. The firm also is offering a free webinar about life insurance benefits and a sweepstakes in which the winner will win a life insurance policy worth $25,000.
State Farm emphasizes the importance of life insurance for all ages
State Farm, meanwhile, encouraged individuals of all ages to establish certainty for their financial future with life insurance. The firm released an infographic and an article promoting life insurance for people of all stages of life, from age 20 to 60 and beyond. Although many people in their 20s are typically not thinking about life insurance, State Farm says it’s the best time to get it since younger people typically qualify for more affordable premiums. The firm also addressed various other age groups and the reasons life insurance is important during that period of life, highlighting the fact that life insurance is beneficial for all ages.
Equitable provides resources for financial professionals
While many firms leveraged Life Insurance Awareness Month to encourage people to purchase life insurance, Equitable focused on financial professionals, offering resources to help them sell and address the growing need for it. Equitable promoted various tools and resources for financial professionals to emphasize the importance of life insurance and initiate conversations with their clients. One of the resources included was the 2022 Insurance Barometer Study conducted by LIMRA and Life Happens, in which it was found that:
- One in four respondents reported they are looking for a financial advisor, with over half (52%) reporting they sought to find one online, which emphasizes the importance of financial professionals having an online presence.
- The life insurance industry needs to focus on Millennials and Generation Z, which means using digital media.
- About one third of respondents reported that due to COVID-19, they are more likely to buy life insurance within the next year.
For more on the Life Insurance industry, as well as other UX best practices and trends across the financial services industry, check out our Insights section. And learn more about our Life Insurance subscription research services here.