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October 20, 2021 at 03:26 PM
What You Need to Know
- 66% of consumers surveyed told Life Happens that the COVID-19 pandemic has improved their understanding of life insurance.
- 25% said they have bought life insurance because of the pandemic.
- 47% said they have put off getting themselves covered.
The pandemic continues transforming the U.S. workforce — case in point are the many workers considering changing employers in the so-called Great Resignation. Across industries, people are opting to pursue new opportunities for a variety of reasons.
With employers looking to competitively attract or retain top talent, a high-quality benefits package may be the answer. More than half of employees say they are at least somewhat likely to accept slightly lower compensation for a more robust benefits package, according to the 2020-2021 Aflac WorkForces Report. As more people join and rejoin the workforce, benefits offerings are a vital piece of the puzzle, especially life insurance.
Life Insurance Up on the Benefits Leaderboard
While sometimes considered a purchase when one is older, life insurance is growing in popularity across generations. Application activity among people under age 44 for the product increased nearly 8% in 2020, according to MIB Group’s Life Index.
COVID-19 has made life insurance conversations more mainstream. In fact, a Life Happens survey indicates that 66% believe COVID-19 has helped them better understand life insurance, and 25% bought this coverage for the first time because of it.
Financial security is at stake at any age, and coverage costs typically increase the older you get. Individuals can lock in a better rate while younger and healthier, so it’s advantageous to buy early and hold onto policies for the long term.
A Benefit for Different Needs
The median life insurance coverage offered at the workplace is either a flat sum of $20,000 or one-year’s salary. However, more than half of U.S. households rely on dual incomes, and losing one income could devastate household finances.
