This changing direction has been particularly strong among younger adults, parents and minorities.
American young adults, those with kids and minorities have all been taking a closer look at their finance management. Among those examinations has been a boost to life insurance policy trends, suggests a new Unum survey. The research showed that since the start of the COVID-19 pandemic crisis, 41 percent of adults say they have adjusted the way they handle their finances. Almost one quarter (22 percent) of those adults are also thinking of adding or increasing their life coverage.
The pandemic has forced many American adults to think very differently about their financial lives. By the start of the crisis, most did not know how much coverage they needed. Moreover, another 45 percent either don’t have a plan or don’t know if they have one.
The pandemic has altered the lives of Americans right down to life insurance policy trends.
“The pandemic changed our lives, and it’s not a surprise more people are thinking about how they are protecting their families with life insurance,” explained Chris Pyne, Unum Group Benefits executive vice president. “For most people, the ability to earn an income throughout their life is the biggest asset they have.”
Forty eight percent of American households – nearly half – would risk financial disaster within three months of the death of a primary wage earner without adequate coverage. Though 22 percent of survey respondents said they had considered adding to their coverage as a result of the pandemic, certain demographics were more likely to do so than others.