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Global pandemic increases demand for life insurance – InsuranceNewsNet LIFE INSURANCE

Courtesy of LIMRA

One thing that the COVID-19 pandemic has made clear is that life is fragile and a person’s financial situation can change very quickly.

Despite the fact that people generally recognize the value of life insurance, LIMRA research shows that 46% of Americans are uninsured and many more are not adequately covered. Prior to the pandemic, nearly one in three families said they would face financial challenges within a month if the main breadwinner died.

Every September, the Life Happens-led industry comes together to sponsor Life Insurance Awareness Month (LIAM). This campaign aims to educate consumers about the importance of life insurance.

“LIMRA is proud to support LIAM and to raise consumer awareness of the important role life insurance plays in protecting families’ financial security,” said Gina Birchall, LL Global’s chief operating officer. “Our research shows that life insurance ownership has declined over the past 10 years. Campaigns like LIAM help consumers understand the value of life insurance and take action to get the coverage they need. “

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Life insurance holders are more likely than non-owners to be concerned about COVID-19 (64% vs. 51%) and nearly 3 in 5 people express an increased need for life Insurance are current owners today, according to LIMRA’s July consumer sentiment study.

By doing latest episode of LIMRA UnpluggedLIMRA asked industry leaders about their perspectives on the importance of life insurance. Conor Murphy, executive vice president and chief operating officer, Brighthouse Financial; Barbara Turner, president and chief operating officer of Ohio National Financial Services; and Dave Wilken, President of Life Insurance for the Global Atlantic Financial Group, answer key questions including:

• Why should people have life insurance?
• How much life insurance is enough?
• What are some of the most common misconceptions about life insurance?

They will also examine how their respective companies help people understand the value and safety of owning life insurance.

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