COVID Has Changed Americans’ View of Life Insurance

by Natalie Chambliss | March 22, 2021

COVID Has Changed Americans’ View of Life Insurance

New data shows that nearly one-third of consumers (31%) say COVID-19 has made it more likely they will purchase life insurance within the next 12 months, according to initial findings from the 2021 Insurance Barometer Study.

For more information on this study, view our press release.

In addition, 22% of Americans with life insurance (29 million) believe they need more, while 59% of those without life insurance say they do need coverage, which represents 73 million Americans. That means 102 million Americans say they need coverage, or more of it.

This year, the annual “tracking” study, which has been conducted jointly by Life Happens and LIMRA over the past 11 years, also explored how the pandemic has shaped attitudes toward life insurance.

Millennials (ages 22-40) seem to be most influenced by the pandemic when it comes to life insurance, with 45% of them saying they are more likely to buy it due to COVID-19, while 31% of Gen Xers and 15% of Baby Boomers said the same.

Watch as Faisa Stafford, LUTCF, president and CEO of Life Happens, and David Levenson, president and CEO, LL Global, LIMRA and LOMA, discuss initial findings from the 2021 Insurance Barometer Study.

These are just initial findings, with the full 2021 Insurance Barometer Study being released on April 12.

Complete the form below to download the social-media graphics that highlight these findings and support this industry initiative.

We’re committed to educating Americans about life insurance

At Life Happens, we created and coordinate several campaigns, including Life Insurance Awarenes Month, every year to motivate people to purchase life insurance to protect their loved ones financially. To take action for your loved ones, we have a free Life Insurance Needs Calculator to help evaluate your own life insurance needs.

Discover more

For more information on this study and its methodology, view our press release.

Life’s New Appreciations

by Natalie Chambliss | February 2, 2021

Life’s New Appreciations

We uncovered new data that shows traditional milestones are continuing to shift as Americans enter 2021 with a new outlook on life, love and life insurance.

For more information on this study, view our press release.

Key findings

71% of Americans value the little things in life more than ever because of the COVID-19 pandemic.
3/4 of Americans said it’s important for them to get their finances in order this year.
58% of Americans said COVID-19 has drastically changed which milestones they’d like to accomplish in life.
Over half (55%) of Americans said this past year was the first time they spoke with a loved one about life insurance.
The top discussions regarding life insurance and end of life plans last year included:
- The need for their significant other to buy a life insurance policy (40%).
- Reviewing their existing life insurance policy (37%).

Top 5 Most Important Milestones to Achieve in2021

• 58% of Americans said COVID-19 has drastically changed which milestones they’d like to accomplish in life.

COVID-19 Sparks a Small-Win Revolution

In an effort to make the most of each day, Americans are pursuing small wins, including speaking to their families more (45%), speaking their minds more truthfully (43%), and taking more vacation time when it’s safe to do so (42%). Four in 10 (41%) respondents also shared that they plan to be more confident and express themselves creatively as a part of this small-win revolution.

Financial Security Vital in 2021

While COVID-19 has ushered in a more considerable emphasis on small wins, Americans are still focused on big life decisions during this time. In fact, 58% of respondents said the pandemic has drastically changed the milestones they’d like to accomplish in life, with three-quarters (75%) of those polled saying it’s important for them to get their finances in order in 2021. For the second year in a row, financial security ranked as the most important milestone to achieve.

• 3/4 of Americans said it’s important for them to get their finances in order this year.

55% of Americans said this past year was the first time they spoke with a loved one about life insurance.

Gather Round, Let’s Talk Money

With finances top of mind, life insurance has become a popular discussion topic over the last year – and for some, a discussion topic for the first time. There was a 9% decrease for life insurance to be avoided at the dinner table (27% in 2021 vs. 36% in 2020). Over half (55%) of respondents said this past year was the first time they specifically spoke with a loved one about life insurance. This was particularly true among millennials – with 65% agreeing with this statement.

We’re committed to educating Americans about life insurance

At Life Happens, we created and coordinate the Insure Your Love campaign every year to motivate people to purchase life insurance to protect their loved ones financially. To take action for your loved ones, we have a free Life Insurance Needs Calculator to help evaluate your own life insurance needs.

Discover more

For more information on this study and its methodology, view our press release.

To see last year’s data go to “The New American Milestones” survey.

The New American Milestones

by Natalie Chambliss | February 3, 2020

The New American Milestones

We uncovered new data that shows Americans are delaying traditional life milestones and following alternative paths in favor of financial security.

For more information on this study, view our press release.

Key findings

61% agree that traditional life milestones are no longer important.
Top delayed life milestones include saving for retirement (54%), getting married (53%), and having children (50%).
Of those who’ve delayed a traditional life milestone, 74% have reported being more financially stable as a result.
36% are delaying life milestones in favor of financial security as the most important milestone to achieve.
72% say financial security is an important act of love.

61% of Americansagree that traditionalmilestones are no longer important

Motives behind modern milestones

The change in life priorities is tied to emotion, with about half of those surveyed (48%) saying they have personal insecurities — from financial to where they are in their careers — that have put the brakes on reaching certain milestones. While Americans are delaying key life milestones, it doesn’t mean they’re not worried about the repercussions. In fact, 77% of those surveyed say they are concerned about putting off certain life milestones.

For the love of money

Following a nontraditional life path has not changed what matters when it comes to relationships with our loved ones. A whopping 72% say financial security is an important act of love — with men more likely to agree that financial security is a genuine act of love compared with women — 80% vs. 64%.

72% of Americanssay financial security isan importantact of love

Financial security for loved ones is a necessity

“While traditional milestones are no longer making or breaking what’s important in life, financial security for you and your loved ones is a necessity,” said Faisa Stafford, President and CEO, Life Happens. “We’re reminding consumers of the value of life insurance – not for you, but the ones you love; a critical tool to financially protect your loved ones, whatever happens in life and no matter what life path you choose.”

We’re committed to educating Americans about life insurance

Discover more

For more information on this study and its methodology, view our press release.

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