For September’s Life Insurance Awareness Month, Lincoln Financial has released new research that outlines key conversations adult children and aging parents may not be having related to coverage and family financial conversations.
According to Lincoln Financial’s Consumer Sentiment Tracker, 78% of families surveyed have not had an in-depth conversation about life insurance. Additionally, 60% of adult children believe their parents have life insurance coverage in place, while only 44% of parents say they actually do, underscoring a critical gap between expectation and reality among family conversations and future preparedness.
Lincoln’s research finds similar communication gaps around retirement funding, healthcare costs and legacy planning, suggesting this disconnect isn’t limited to life insurance.
“Families often assume these decisions have already been made, but our research points to a broader issue that when generations aren’t talking about long-term intentions or financial priorities, those assumptions leave families feeling unprepared when important decisions arise,” said Darrel Tedrow, Executive Vice President, President of Life Insurance and Retail Shared Services, Lincoln Financial. “Closing the conversation gap starts with having honest conversations. When families understand their options and priorities, they can make more informed decisions about the role life insurance plays in their long-term financial security.”
The call to action: Start before it’s urgent
Lincoln encourages adult children and aging parents to begin key retirement and long-term financial conversations as early as possible, as that clarity and alignment will create greater financial confidence and preparedness for the future. For families to align, Lincoln suggests:
- Host a family meeting where key members discuss financial protection, coverage needs and long-term goals; don’t assume everyone is already on the same page. Meet once a year or when any major life event may occur.
- Work with a financial professional to understand how life insurance fits alongside saving, investing and retirement preparedness.
- Have these conversations early. When families avoid discussing long-term financial goals, important decisions are often left until a major life event occurs, forcing loved ones to navigate complex and emotionally charged choices under pressure.
- Document key decisions. Once family conversations happen, make sure family members understand expectations, know where important information is kept, and are fully aligned on what decisions have been made.
“Life insurance should be part of a family’s overall financial strategy. It should be considered alongside saving, investing and preparing for retirement as part of a broader approach to long-term financial security,” said Tedrow. “With that in mind, the most important part of any strategy is making sure the people it impacts understand it. A simple conversation today can create greater clarity and confidence for a family in the future.”
For more information on Lincoln, Life Insurance Awareness Month or their life insurance solutions, visit here.
FAQs
What is Life Insurance Awareness Month? Life Insurance Awareness Month is observed each September to help raise consumer understanding of life insurance and encourage families to evaluate their coverage needs.
What does Lincoln Financial mean by “closing the conversation gap”? It’s the disconnect between what families assume has been decided and what has actually been discussed and put in place. Lincoln Financial’s Consumer Sentiment Tracker found 78% of families surveyed haven’t had an in-depth conversation about life insurance, and adult children consistently overestimate the coverage their parents have.
Why do families avoid these conversations? Families often assume the topic has already been addressed, or avoid raising it out of discomfort, and the responsibility for starting the conversation can end up sitting with no one in particular.
Why does Lincoln Financial say life insurance is part of a comprehensive financial strategy, rather than a standalone product? Because it works best alongside saving, investing and preparing for retirement, not as a decision made in isolation. Treating it separately is part of why it gets left out of the conversation.
How can families start this conversation? Start with goals and long-term priorities rather than policy details, don’t wait for a milestone event to force it, and consider working with a financial professional to help align expectations across generations.
About Lincoln Financial
Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2025, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of June 30, 2026, the company had $366 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com. Products are issued by The Lincoln National Life Insurance Company, Fort Wayne, IN, and in New York, Lincoln Life & Annuity Company of New York, Syracuse, NY. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so.
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