The global pandemic has heightened people’s awareness of the fragility of life and the importance of being prepared for unforeseen circumstances. According to research by LIMRA, 31% of Americans stated that they are more likely to purchase life insurance due to COVID-19. This proportion is even higher in various demographic groups, including millennials (44%), African Americans (38%), and Hispanics (37%).

Studies indicate that individuals with life insurance are more likely to feel financially secure. Nearly two-thirds of insured Americans express a sense of financial security, compared to less than half among those without insurance.

This is becoming increasingly important as research by LIMRA reveals that one in four households would face financial difficulties within six months if the primary wage earner were to pass away. For one in five individuals, financial hardship would arise within a month.

At least 106 million Americans are covered by life insurance. To help raise awareness about life insurance, the government designates September as Life Insurance Awareness Month. Many life insurance companies also launch “Protecting Our Families” campaigns to promote insights and knowledge on the vital role life insurance plays in providing financial security for families.

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