Did you know most Americans (78 percent) agree that preparing financially for life’s unknowns is a way to show that you care? In fact, a little closer look at the data finds almost 2 in 3 (65 percent) think that having life insurance is key to taking care of their family financially.
These are just some of the findings from the “2019 Insure Your Love Consumer Survey” by Life Happens. The nonprofit association is dedicated to helping more Americans take personal financial responsibility through ownership of life insurance and related products. Its survey also examined ways Americans address financial stress in their lives.
LOOKING FOR A NEW WAY TO SAY I LOVE YOU?
The survey found 75 percent of people with life insurance say they prioritize the happiness of their loved ones over their personal happiness compared to 66 percent of people without life insurance.
REDUCE STRESS AND GET MORE OUT OF LIFE!
Almost 8 in 10 people (78 percent) say that finding ways to reduce financial stress is a top priority. And the good news is many are taking steps to do so: 7 in 10 people with life insurance (69 percent) say they are less stressed knowing their family is financially protected. In addition, peace of mind comes with that reduced stress: 65 percent of those with life insurance say they’re able to enjoy life more knowing their loved ones are financially protected with life insurance.
WHAT ADDS MEANING TO YOUR LIFE?
People find joy and meaning in life in different ways. But some things bubble to the top as life-enhancing. Those surveyed say these things add a great deal of meaning to their lives:
- feeling financially secure (62 percent)
- being in love (60 percent)
- finding a reason to laugh every day (59 percent)
- owning a home (43 percent)
And despite what may seem like an all-pervasive obsession with technology, having the latest electronic gadget was life-affirming to just 10 percent.
IS THERE A DISCONNECT FOR SINGLE PARENTS?
Nearly 8 in 10 single parents (78 percent) agree that financially preparing for life’s unknowns is a way to show your loved ones you care. And most of them (85 percent) say feeling financially secure is
a top priority, as is reducing financial stress (79 percent). However, only slightly more than half of single parents have life insurance in place compared to parents who live with their spouse/partner (72 percent).
Life Happens conducted the “2019 Insure Your Love Consumer Survey,” an online survey, via Survey Monkey among US consumers ages 18 and older who play a role in financial decision-making for their household. A group of 1,748 respondents qualified for the survey; base size varies by question as respondents could skip questions or drop out before completing the survey. The survey was fielded from October 31 to November 2, 2018.
Neither The Cincinnati Life Insurance Company nor its affiliates or representatives offer tax or legal advice. Consult with your tax adviser or attorney about your specific situation. For policy service and additional information, speak to Landmark Risk Management and Insurance representing The Cincinnati Life Insurance Company. For a complete statement of the coverages and exclusions, please see the policy contract. All applicants are subject to underwriting approval. Products and riders available in most states.