COVID-19 Highlights the Important Role Life Insurance Plays in Financial Security

Six months. According to the 2021 Insurance Barometer study, that’s how long it would be before 42% of Americans would face financial hardship if they lost a primary wage earner. One in four Americans would struggle financially within one month.

The solution to that financial hardship is simple: having life insurance. Yet, there are 102 million Americans who either need (or need more) life insurance coverage.

The global pandemic changed consumers’ perceptions about life insurance, with 31% of Americans saying they are more likely to buy coverage in 2021 due to COVID-19. Of those who tested positive for COVID-19, 42% say there are likely to purchase life insurance this year.

Likelihood to buy life insurance due to COVID-19 is even higher for Black and Hispanic Americans, Millennials and men.

To educate consumers about the importance of life insurance, the industry — led by Life Happens — comes together each September to sponsor Life Insurance Awareness Month (LIAM).

In the latest episode of Unplugged, LIMRA spoke to four financial professionals to learn how COVID-19 has changed Americans’ views about life insurance. The video features:

Alysia Bell, an insurance strategist with Crump Life Insurance Services
Chantel Bonneau, a wealth management advisor with Northwestern Mutual
Clint Jasperson, a wealth advisor with Thrivent
Jason Jones, a financial advisor with MassMutual

They also share why consumers should own life insurance and some of the ways they help their clients understand its value.

In support of Life Insurance Awareness Month, LIMRA also compiled facts about life insurance, social media graphics to share and other resources to help our members and the media as they cover this important campaign. Additional items will be added throughout the month of September. To view these resources, visit our LIAM page.