How COVID-19 Has Affected Life Insurance

Life insurance is not something most people want to spend their free time thinking about, but COVID-19 has changed consumers attitudes about its importance. The 2021 Insurance Barometer, an annual study conducted by LIMRA and Life Happens, revealed that nearly one-third of Americans today say they are more likely to buy life insurance because of COVID-19, with 13% saying they bought life insurance for the first time in 2020.

In addition to changing consumer attitudes, the pandemic has led to changes within the insurance industry. While consumers previously preferred to purchase life insurance in a face-to-face setting, safety concerns drove new preferences for online interactions. As a result, insurance companies modified their business models to an online format, expanded and accelerated their automated underwriting, and offered more digital communication options.

This industry adaptation is good news, but the study revealed 40% of Americans live with a life insurance need-gap. Of those 102 million adult consumers, some of their hesitations are: 

• 81% think it is too expensive.
• 75% have other financial priorities.
• 65% are unsure of what type or how much insurance they need.
• 43% think they wouldn’t qualify for coverage.

At USBA, our focus is on helping you understand your options so you can secure your family’s financial future. For more than 60 years, we have offered life insurance to military personnel, Federal employees, National Guard and Reserve members, Veterans and their families.

We offer a range of whole life and term life policies with various benefit amounts and premium levels. We also have policies to cover your spouse and children. Best of all, you can look at our policies and apply online, from the comfort of your own home. 

Learn more about our life insurance options and determine what’s best for you and your family. Or you can call a Product Specialist at 877-297-9235, Monday thru Friday 9 a.m. to 4 p.m. Central time.