The COVID-19 pandemic was a wake-up call for many, revealing just how much uncertainty there is in nearly every aspect of our lives. It forced us to consider not only our health but our job security, household finances, access to medical care, access to food and household supplies, and when we could travel to visit with family and friends. It was a harsh reminder that life is full of uncertainty.
Yet one result of all this disruption is that Americans are increasingly looking to life insurance to protect their families against the financial risks they may face. Thirty-one percent of consumers now say they are more likely to buy life insurance as a direct result of the pandemic1. Life insurance can provide protection for their loved ones if they were to pass away unexpectedly, and it can help secure their family’s financial security.
Of the two main types of life insurance—term and permanent—term insurance can be especially attractive to many buyers due to its affordability. With the help of term insurance, families can afford to make sure they will be able to maintain their lifestyle and reach their dreams and goals even if the family breadwinner dies unexpectedly.
Term insurance also can be a key building block in a well-structured financial plan as it can lock in a buyer’s insurability—the ability to qualify for insurance—at the same time it locks in affordable death benefit protection for a set period of time.