Life insurance is already of particular interest to consumers in 2020 as the coronavirus takes its toll. Indeed, a survey of 1,004 adults by Lincoln Financial revealed a greater interest in life insurance as a direct result of the pandemic.
Among the findings:
- 36% said the pandemic makes owning life insurance more important.
- 12% said they had increased their life insurance coverage in response to COVID-19.
- 9% said they had changed the type of coverage they own in response to COVID-19.
Yet while COVID-19 has caused more people to appreciate their need for financial protection, life insurance advocates still have a long way to go. Research cited by Life Happens shows early research cited by Life Happens shows nearly half of all Americans are uninsured and many more have inadequate coverage. Before the pandemic, nearly one-in-three families admitted they would face financial challenges within a month if the primary wage-earner died.
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