Americans Want to Safeguard Their Family’s Financial Wellbeing

Empire BlueCross BlueShield survey finds having life insurance gives consumers peace of mind

NEW YORK--()--A lot has been written about the selfishness of Americans, but a new survey indicates quite the opposite. According to a recent Empire BlueCross BlueShield survey, Americans would make large and small sacrifices for their loved ones. From handing over the last piece of dessert (88 percent) to forgo watching their favorite TV show so their loved ones can enjoy their favorite program (90 percent) to caring for them in illness (96 percent) – Americans are a committed bunch when it comes to their loved ones.

“September is Life Insurance Awareness Month, a perfect time for Americans to take the next step in safeguarding their loved one’s financial wellbeing by enrolling in Life insurance.”

In honor of Life Insurance Awareness Month, Empire conducted a survey that found many Americans believe that commitment extends to safeguarding their family’s future wellbeing. This is no surprise; given that financial concerns (39 percent) — more than physical (36 percent) and mental (21 percent) concerns — cause them to worry most when they think about the future security of their family. Furthermore, the majority of Americans (83 percent) believe their family’s financial wellbeing is just as important as their emotional wellbeing.

So, what can Americans do to protect their family’s financial future? Life insurance, retirement plans and living wills are all on the list. Empire’s survey found that the majority of Americans consider investing in a retirement plan (68 percent), selecting a life insurance plan (57 percent) and creating a living will (64 percent) very important components in safeguarding their family’s future wellbeing.

“Alleviating the stress associated with financial worries is what our Life insurance products are designed to do,” said Brian Griffin, President and CEO, Empire BlueCross BlueShield. “Our products and services help families that are dealing with the loss of a loved one by providing resources that address both their financial and emotional wellbeing.”

Research shows that spending money on others, rather than ourselves, boosts happiness and wellbeing – even if the amounts we spend are relatively small.1 One way people can increase their family’s level of happiness and their sense of wellbeing is to make sure they are protected financially and emotionally if and when unexpected events happen. This can be achieved by making sure they have the appropriate Life and Disability coverage.

“For consumers who are motivated to protect the future wellbeing of their loved ones, we offer top-tier designed plans at competitive prices with plenty of flexibility,” said Mr. Griffin. “For example, our Resource Advisor member assistance program, which is included with Life and Disability plans, offers counseling, legal and financial consultations, and beneficiary companion services to help family members close accounts and finalize their loved one’s estate.”

The Empire survey also illustrates the importance that consumers place on Life insurance, with two-thirds (67 percent) of survey respondents indicating they have Life insurance. Of this group, more than half (54 percent) indicated they fully pay for it. Yet, approximately one-third (33 percent) reported not having any Life insurance at all.

“It’s clear that Americans value Life insurance, which is good news,” added Griffin. “September is Life Insurance Awareness Month, a perfect time for Americans to take the next step in safeguarding their loved one’s financial wellbeing by enrolling in Life insurance.”

More information about Empire’s Life insurance benefits can be found at www.empireblue.com.

This report presents the findings of a telephone survey conducted among 1,005 adults 502 men and 503 women 18 years of age and older, living in the continental United States. Interviewing for this ORC International CARAVAN® Survey was completed on April 3-6, 2014. 605 interviews were from the landline sample and 400 interviews from the cell phone sample.

The margin of error for the total sample is ±3.0 percent at the 95% confidence level. This means that if we were to replicate the study, we would expect to get the same results within 3.0 percentage points 95 times out of 100.

About Empire BlueCross BlueShield

Serving New Yorkers for 80 years, Empire BlueCross BlueShield is the largest health insurer in New York supporting nearly five million members and more than 38,000 business, union and small employers in New York. Empire BlueCross BlueShield (Empire) is the trade name of Empire HealthChoice Assurance, Inc., and Empire Blue Cross Blue Shield HMO is the trade name of Empire HealthChoice HMO, Inc., independent licensees of the Blue Cross Blue Shield Association, serving residents and businesses in the 28 eastern and southeastern counties of New York State. Additional information about Empire is available at www.empireblue.com. Also, follow us on Twitter at www.twitter.com/healthjoinin or @empirebcbs, on Facebook at www.facebook.com/HealthJoinInEmpire, or visit our YouTube channel at www.youtube.com/healthjoinin

1 Dunn, E.W,. Aknin, L.B., & Norton, M.I. (2008) Spending money on others promotes happiness. Science, 319 (5870), 1678-1688

Contacts

Empire BlueCross BlueShield
Sally Kweskin, 212-476-1421
Communications Director
sally.kweskin@empireblue.com
@empirebcbs

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Americans Want to Safeguard Their Family’s Financial Wellbeing: Empire BlueCross BlueShield survey finds having life insurance gives consumers peace of mind

Empire BlueCross BlueShield