Many Are Taking a Fresh Look at Life Insurance

The events of 2020 have heightened awareness of the value of protecting loved ones.

World-changing events have many of us thinking about how to protect the financial security of our families. The pandemic has led many people to consider their mortality, and as a result, life insurance has moved to the top of many to-do lists.

Industry experts cite double-digit increases in the number of life insurance policies issued during the Covid-19 pandemic relative to the prior year. At the start of 2020, just over half of American adults reported having a life insurance policy, down from 63% a decade earlier, according to LIMRA.¹  But Americans, especially younger adults, have been securing insurance in elevated numbers since the spring of 2020, when we all witnessed first-hand how quickly life can change.

Today, applying for life insurance is easier than ever. If you don’t have coverage and you have loved ones that depend on you, think about applying in case something should happen. Even if you’re already covered, it’s important to take a fresh look at your policy to make sure your coverage matches your current lifestyle needs. Is the policy you purchased years ago sufficient? Would it be enough? Most of us buy life insurance and forget about it, but if the pandemic has taught anything, it’s how financially vulnerable we are.

To get an idea of how much life insurance you should have, check out CALC, our free, online life insurance needs calculator. But don’t wait—any amount of life insurance is better than none at all.

¹ “2020 Insurance Barometer Study,” LIMRA, June 2020.