Millennials are 45% more likely to purchase life insurance due to COVID-19
Protected Choices CEO says misperceptions about insurance affordability affect families’ long-term financial security
SCHAUMBURG, IL/ACCESSWIRE/September 6, 2022/ In most parts of the United States, the COVID-19 pandemic appears to have peaked, but deaths continue to rise. According to the Life Insurance Marketing and Research Association (LIMRA), global death claims for life insurance increased by 20% in the first three quarters of 2021. Nearly 60% of these deaths were COVID-related. Translated into dollars, life insurance policies paid on $90 billion in 2020, an increase of 15.4% compared to 2019.
According to LIMRA officials, claims for non-COVID deaths also spanned the spectrum of causes due to delay in medical treatment or care for existing conditions such as those related to diabetes, hypertension and diseases kidneys.
Many who had never spent time thinking or planning for their own death, or that of a loved one, are now grappling with the topic of life insurance, especially among Millennials aged 22-40. year. According to a recent study Insurance Barometer Study45% of millennials said they were more likely to purchase life insurance due to COVID-19, compared to 15% of baby boomers and 31% of Gen Xers.
Joanna Czapla, insurance agent for Protect Choices, LLC, has worked in the education and service industries for over 20 years. She works with families to help them create financial security and protect their family’s future. Czapla said that when the pandemic brought the world to a standstill, it also endangered his life and his future. But what saved his family from devastation was in the making.
“This dramatic toll reminded us how fragile life is and death can come when you least expect it,” Czapla said. “It clearly proves that all breadwinners should have the right plan in place to protect their children and those who depend on them. And one of the biggest mistakes parents can make is saying they are too busy or that they’ll “think about it later” when it comes to insurance.The best way to deal with the times we’re too scared to think about is to be prepared.
Yet that “wake-up call” Czapla notes hasn’t quite translated into action by more Americans. Even though interest in life insurance remains high, policy ownership has declined slightly in 2021. According to LIMRA, only 52% of American adults report having life insurance coveragecompared to 54% in 2020.
Czapla emphasizes that couples need to take their future into their own hands.
She adds that misperceptions about insurance affordability are what prevent families from getting financial security in the form of retirement funds, long-term care and funds for beneficiaries. When it comes to life insurance in particular, every couple’s needs are different, but nowadays life insurance policies can be customized to meet their coverage and protection needs with additional options. which can be adjusted later in life, if necessary. Plus, the right insurance plan can increase cash value even when markets go down.
Czapla adds, “More than 250,000 children have lost a parent or caregiver to the virus. Young people across the United States are facing a new day without a parent. They are also facing a new financial reality. Of course , we can’t predict what happens tomorrow, but we have a choice to protect ourselves and our families.The happiness of life is peace of mind assured.
ABOUT PROTECTED CHOICES, LLC
Protected Choices is created by Barra & Associates, an insurance brokerage and financial services firm with divisions specializing in all personal and business solutions. Their main areas of expertise cover the personal and commercial property, liability insurance, life insurance, health and indexing markets. For more information, visitwww.ifsbrokerage.comor visit Facebook, TwitterWhereLinkedIn.
THE SOURCE: Protected Choices, LLC