The last few years haven’t been easy for anyone. If you’re fortunate enough to make it this far, it can be assumed you’ve known someone who has unfortunately succumbed to the pandemic. It’s been tragic to say the least. The emotional and financial toll that the virus has taken globally has yet to be finalized, but there are things that you can do to better prepare yourself and your family for a worst case scenario.
The changes that the pandemic has forced on society are still in flux, but one thing that happened due to the uncertainty and fear associated, people are looking a little closer at the options that life insurance can present.
Younger People Are Looking Into Life Insurance
COVID has thrown everyone for a loop, but according to a survey done by Life Happens, the desire of investing in life insurance has grown most for Millennials and young adults. The survey states that 45% of young adults -between 22 and 40- said that the pandemic prompted them to buy more life insurance. This is a greater share than any other generation, including Gen X and Baby Boomers.
Answers to Financial Questions
Maybe you had a good financial plan in place when the pandemic hit. Many people didn’t. According to a poll from Gallup, 59% of Americans said they were worse off financially than they were a year ago. When a household is run by a primary breadwinner, the golden goose lays the golden eggs. In the unfortunate event of an untimely death or severe illness, more than 40% of Americans would have trouble making ends meet within 6 months of the person’s death. 25% said it would be less than a month before they were financially strapped.
Life Insurance can certainly help shoulder the load of losing a breadwinning spouse or family member.
Misconceptions Clearing Up
Over the years, Life Insurance continues to evolve, but few average Americans understand the magnitude of what it can do beyond offering a death benefit. Because of the uncertainty and fear surrounding the pandemic, many average Americans have sought out new information on life insurance, and in doing so, have begun to shed a new light on the bright side of life insurance options.
COVID has been a negative experience for everyone on planet earth. It takes true grit to endure tough times like this, and we wish the best to everyone reading this. Now is the best time to get educated on your options when it comes to life insurance, so that you can protect your finances, your family and your family’s future. High net worth individuals should be aware that beyond protection after death, there ARE life insurance programs that can help SAVE you $, and possibly even earn income after retirement. Call or fill out our contact form to learn more!