Owners of life insurance report more fulfillment and optimism in their lives than those without coverage, according to findings from the Keep Good Going Report, sponsored by New York Life. The survey, conducted by Greenwald & Associates, explored the attitudes and expectations of more than 2,000 Americans regarding how they can cultivate goodness in their lives.

According to the report, when respondents were asked questions that related to happiness and quality of life, life insurance owners were significantly more optimistic than non-owners. In each response, life insurance ownership seems to play a critical role: Those who had coverage were happier, reported a better quality of life today, and also feel their quality of life is better than it was five years ago. More specifically:

Those Who Own Life Insurance and Those Who Don’t

Life Insurance Owners Compared to Non-Life Insurance Owners

• 42 percent are very happy with their life vs. 32 percent are very happy with their life
• 64 percent feel their quality of life is better than the average American  vs. 51 percent feel their quality of life is better than the average American
• 51 percent say they have a better quality of life today compared with five years ago vs. 43 percent say they have a better quality of life today compared with five years ago
• 43 percent are on track in terms of living life as a good person vs. 37 percent are on track in terms of living life as a good person
• 92 percent feel that having enough money to protect family against life’s uncertainties is important to living life as a good person vs. 85 percent feel that having enough money to protect family against life’s uncertainties is important to living life as a good person
• 91 percent feel that being self-sufficient in retirement is important to living life as a good person vs. 85 percent feel that being self-sufficient in retirement is important to living life as a good person

“One of the unexpected findings of the Keep Good Going Report was the impact of life insurance ownership on Americans’ ability to keep good going. When the data was analyzed it was hard not to report on the statistics related to life insurance ownership.

“We know from other research that life insurance ownership generally reveals a more financially prepared person, but the interesting twist here is that this financial preparedness also permeates to a person’s positive outlook and feeling of overall goodness in their lives,” said Brian Perlman, Ph.D., CLU, ChFC, partner, Greenwald & Associates.

“The results of the survey validate what we hear from agents working with individuals and families across the country – there is much more than a sense of checking a box that life insurance is in place. There is a sense that you’ve taken care of a key element of protection for your family, and that brings comfort and confidence that an important base is covered,” said Mark W. Pfaff, executive vice president and head of Agency, New York Life.

The Keep Good Going Report survey was sponsored by New York Life and conducted online by Greenwald & Associates, Inc., in August 2012, among 2,069 individuals age 21 or older.

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By Ayo Mseka
Editor-In-Chief
Advisor Today