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Americans with Life Insurance Report More Fulfilling Lives, Survey Reveals

NEW YORK, June 20, 2013—Owners of life insurance report more fulfillment and optimism in their lives compared to 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 Keep Good Going 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 of the responses, life insurance ownership seems to play a critical role: those with coverage in place 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:

                                                       
Contrasts Between Those Who Own Life Insurance and Those Who Don’t
Life Insurance Owners
Non-Life Insurance Owners
42 percent are very happy with their life
 
32 percent are very happy with their life
 
64 percent feel their quality of life is better than the average American
 
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
 
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
 
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
 
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
 
91 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.

Survey Methodology
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.

Committed to helping people perpetuate the good in their lives, New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest financial strength ratings currently awarded to any life insurer by all four of the major credit rating agencies.** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. Please visit New York Life’s Web site at www.newyorklife.com for more information.

* Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, May 20, 2013. See http://money.cnn.com/magazines/fortune/fortune500/2013/faq/?iid=F500_sp_method%20 for methodology.
**Source: Individual Third Party Ratings Reports as of 6/4/13.

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