COVID-19 – Do I Need Life Insurance?

Do I need life insurance?

This question may have crossed your mind or likely, the mind of someone you know. COVID-19 creates a lot of new questions, especially about financial security.

15% of consumers anticipate they are likely to purchase life insurance as a direct result of COVID-19.*  Younger generations are pursuing more financial protection. Life insurance applications increased 14% in July compared to last year, mostly from folks under the age of 45.

Now’s the time to think about the full picture. Perhaps you are young, or you don’t have dependents., So what’s there to consider? Take Gigi, for example. She shared with us the reasons why she is looking for a plan that fits for her. She notes,

At the time, it didn’t make sense for me to have a plan because I do not have immediate dependents. However, as an immigrant and dollar earner in my family, I now realize that there are people whose lives will be impacted should I leave this world.”

There may be other things on your plate that you wouldn’t expect to need life insurance for. Do you have aging parents? Wouldn’t they be impacted if you died prematurely? Tuition debt? Would you want to leave this debt to loved ones? Probably not. This dynamic calculator from Life Happens is a great resource for figuring out what your needs actually are: Click here to try out this quick life insurance needs calculator.

Wherever you are when it comes to financial security, you are not the only one asking questions. Learning about your options is the first step. Protecting Every Future advocates for greater access to financial protection during every stage of life.

*Source: June 2020 PwC consumer pulse survey (base: 6,000)