Owning life insurance is an important step in protecting wealth, according to additional analysis of Lincoln Financial Group’s recently released M.O.O.D. (Measuring Optimism, Outlook, and Direction) of America study.

“Clearly Americans see the importance of life insurance, yet it’s often viewed as a longer term safety net, and therefore not always considered on the list of day-to-day financial priorities,” said Mark Konen, president, Insurance and Retirement Solutions, Lincoln Financial Group. “But the reality is, life insurance is an important component of a sound financial plan as it can help people achieve specific financial goals for today or tomorrow. With September designated as Life Insurance Awareness Month, now is an excellent time for consumers to speak with a financial professional or workplace benefits representative to better understand their life insurance needs and options and to help find budgeting balance between immediate necessities and financial security.”

Lincoln’s M.O.O.D. survey finds that 74 percent of Americans believe life insurance coverage is an important step toward protecting wealth. It also indicates life insurance owners are significantly more likely than non-owners (75% vs. 64%) to feel “in control,” a mindset that combines how comfortable respondents feel about their overall life, personal/family life, health and financial future.

Despite these sentiments of confidence and empowerment, the survey reveals that only 49 percent of Americans actually own life insurance. Of those that do own it, 51 percent purchased it through an agent/advisor, 32 percent through their work, and 17 percent got it through both.

A separate study recently conducted by Lincoln, “The American Consumer study,” indicates that ownership levels may be due to the way consumers prioritize their spending, and their perceptions around the benefits of life insurance.

The American Consumer study found consumers spend only one percent of their monthly household budget on life insurance while spending nearly 3.5 times as much on entertainment and restaurants. Understandably, nearly 50 percent goes to what are considered to be immediate needs such as housing and transportation.

Adding to this discrepancy is that only 35 percent of consumers believe life insurance provides immediate benefits even though it can help individuals, families and businesses in many different ways. Life insurance proceeds can be used to pay immediate expenses or bills, support a family’s lifestyle, continue a business or leave a legacy, while some policies also provide ‘living benefits’ such as supplemental income for things like college tuition and retirement, or coverage for chronic illness or long term care expenses.

Younger Generations Need More Coverage

Nearly one-third of Americans believe they should be putting more money into life insurance. This is particularly evident among younger generations who may need financial protection as they approach milestones such as marriage, buying a home, having a child or opening a business. The survey finds that 41 percent of millennials (ages 18-35) and 37 percent of Gen Xers (36-48) think they should be putting more money towards life insurance.

While there is a need for additional awareness regarding the immediate benefits offered by life insurance, the majority of people (63%) believe life insurance delivers peace of mind and provides long-term or future benefits, according to Lincoln’s American Consumer study.

Read more information on the M.O.O.D. of America, including supporting documentation for the findings.

For additional tips and tools that can help you take charge with life insurance, visit www.BeAChiefLifeOfficer.com.

About the M.O.O.D. of America

Results for the 2015 M.O.O.D. of America poll are based on a national survey conducted by Whitman Insight Strategies (WINS) on behalf of Lincoln Financial Group from March 31 to April 9, 2015 among 2,273 adults 18 and older across the United States.

The sample was weighted to reflect the proportion of adults 18 or older by a variety of measures based on data from the U.S. Census Bureau. The margin of error is ±1.9% at the 95% confidence interval for the entire sample.

About the American Consumer Study

Results of the American Consumer Study are based on an online survey of 2,515 adults 18 years of age or older across the United States, conducted in early 2015 by Lincoln Financial Group and Penn Shoen Berland.

The sample was weighted to reflect the proportion of adults 18 or older by a variety of measures. The margin of error is +/- 2% at the 95% confidence level.

About Lincoln Financial Group

Lincoln Financial Group provides advice and solutions that help empower Americans to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $223 billion in assets under management as of June 30, 2015. Learn more at: www.LincolnFinancial.com. Find us on Facebook, Twitter (@lincolnfingroup), LinkedIn and YouTube. To sign up for email alerts, please visit our Newsroom at http://newsroom.lfg.com.