Tag: COVID-19 life insurance

Life insurance companies join pivoting move due to pandemic

G. Turner
life insurance claims on the rise

This segment of the industry has found itself having to make important changes due to new trends. The global life insurance industry has experienced a sudden and substantial shift in its trends since 2020 due to the pandemic. As a new wave continues with an even more transmissible variant, insurers in this industry are experiencing notable claims increases, causing them to have to pivot just as businesses in many other industries have had to do. Claims in 2021 jumped much higher than expected based on predictions regarding COVID-19. The first…

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Prudential says life insurance is changing due to millennials

H. Cutner
Life insurance policy

The global pandemic has influenced that influential generation, creating a notable shift in the market. The events across the last year and a half have caused a considerable change in the life insurance market, and according to Prudential Individual Life Insurance President Salene Hitchcock-Gear, millennials are behind this shift. The pandemic has placed our mortality and its consequences front and center stage. Millennials, who fall between the ages of 22 and 40 years old according to the measure used by Hitchcock-Gear, have been made well aware of the risks associated…

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US life insurance has become a “panic buy” due to pandemic

Logan B.
US life insurance - person wearing mask using computer

Experts say that people are buying this coverage out of a fear of death and increased awareness of financial risk. US life insurance is experiencing a considerable rise in popularity due to the coronavirus pandemic. Consumers, young adults in particular, have been purchasing coverage at elevated levels. Since the spring, US life insurance companies have been recording notably higher sales levels than they were at the same time in 2019. The trend has taken off as young adults have seen that thousands of Americans were dying from COVID-19 related illness.…

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American life insurance policy trends have shifted since the pandemic crisis began

H. Cutner
Life insurance policy trends - man looking thoughtful at laptop

US adults are taking this coverage more seriously and have been considering it more frequently. The pandemic crisis has forced millions of Americans to consider their finances and their mortality, creating a striking shift in life insurance policy trends across the country. This changing direction has been particularly strong among younger adults, parents and minorities. American young adults, those with kids and minorities have all been taking a closer look at their finance management. Among those examinations has been a boost to life insurance policy trends, suggests a new Unum…

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