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.