With the global pandemic still at an all-time high, and the frequent introduction of new variants, COVID-19 has shown us that life as we know it, is no longer something we can take for granted and now more than ever the life insurance plays an important in financial security. According to the 2021 Insurance Barometer study, it would only take six months before 42% of Americans would encounter financial hardship if they lost a primary wage earner. And, one in four Americans would struggle monetarily within one month.*
By having/With life insurance, people can ensure they have a plan to possibly avoid financial hardship. In fact, there are 102 million Americans who either need (or need more) life insurance coverage. What are we waiting for?
Changed perspectives due to COVID-19 has 31% of Americans saying that they’re more likely to purchase life insurance coverage in 2021. Out of the individuals who tested positive for COVID-19, 42% said they’re likely to buy life insurance this year. What’s more, the probability to buy life insurance due to COVID-19 is higher for Black and Hispanic Americans, Millennials and men.**
Awareness of the value of life insurance has greatly increased with the pandemic. More and more people understand the need for life insurance as COVID-19 continues to soar. We will continue to work together help individuals purchase life insurance and take control of their financial future.
Building a comprehensive life insurance strategy can be beneficial for the short and long term. Life insurance is more than financial coverage after death but can be used as living benefits for your loved ones making it a true asset. Simply put, deciding when to purchase life insurance is important for people to consider all options.