by Natalie Chambliss | February 2, 2021
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.
- 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%).
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.
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.
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.
- 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.
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.
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%.
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
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.
