It seems as though more and more people are looking for life insurance products as of late. Why is this? There could be several reasons, but one thing is for sure: People are starting to take it seriously and buy it for life! In this blog post, we will discuss some of the reasons why more people are looking for life insurance, and we will also provide some tips on how to find the best policy for your needs.
More Awareness of The Need
- 59% who don’t own life insurance say they need it
- 31% say they’re more likely to buy life insurance because of the pandemic
- 48% of Millennials say they plan to buy coverage in the next year
- 42% of Americans would face financial hardship within 6 months if the primary wage-earner were to die unexpectedly
Awareness has led some to take action with 13% of consumers saying they purchased it for the first time in 2020.
Why Buy Life Insurance Now?
There are a few key reasons why more people are looking for life insurance as of late. First, people are becoming more aware of the need for life insurance. A recent study found that 59% of people who don’t own it say they need it. This is likely because people are living longer and realizing that they need to be prepared for the unexpected.
Another reason why more people are looking for this is because of the pandemic. A study found that 31% of people say they’re more likely to buy life insurance because of the pandemic. This is likely because people are realizing that life is unpredictable and they need to be prepared for anything.
Lastly, Millennials are starting to realize the importance of life insurance. A study found that 48% of Millennials say they plan to buy coverage in the next year. This is likely because Millennials are starting to have families and realize that they need to protect their loved ones financially if something were to happen to them.
Tips for Finding the Best Life Insurance Policy
Now that we’ve discussed some of the reasons why more people are looking for it, let’s provide some tips on how to find the best life insurance policy for your needs.
Tip #1:
It’s important to shop around and compare different policies. There are a lot of different life insurance policies out there, so it’s important to find one that fits your needs.
Tip #2:
Make sure to get quotes from multiple companies. This will help you compare rates and find the best deal.
Tip #3:
Don’t be afraid to negotiate. These companies want your business, so they’re usually willing to work with you to get you the best rate possible.
Tip #4:
Be sure to read the fine print. There are a lot of different terms and conditions that come with life insurance policies, so it’s important to understand what you’re signing up for.
Consult with a financial advisor. They can help you understand the different options and find the best policy for your needs.
Myth-Buster
According to the survey, about a quarter of people accepted five common myths and misconceptions about life insurance. Some of the top reasons they have for not owning life insurance (they can choose more than one)
- 81% – It’s too expensive
- 75% – Have other financial priorities
- 65% – Not sure how or what type to buy
- 62% – Haven’t gotten around to it
- 51% – Don’t like thinking about death
One of the biggest myths around this product is that it’s expensive, but the majority of people overestimate the true cost of coverage by 3x or more and 44% of Millennials thought the cost of a term life insurance policy was more than $1,000 a year when it’s closer to $160.*
The Bottom Line
There are a lot of different reasons why more people are looking for life insurance as of late. Whether it’s because of the pandemic or because Millennials are starting to realize the importance of this, it’s clear that people are becoming more aware of the need for life insurance. If you’re looking for coverage, be sure to shop around and compare different policies. You can also consult with us to find the best policy for your needs.
*Life insurance costs vary based on factors such as age, health, and lifestyle. This is just an estimate.