Tag: life insurance coverage

Life insurance shopping trends rise and fall with local COVID-19 cases

H. Cutner
Life insurance shopping - dollar sign - virus

A new NerdWallet survey found that Americans gain and lose interest in coverage based on case numbers. This year, there has been a substantial rise in life insurance shopping behaviors among Americans. Many studies indicate that it is a response to the COVID-19 pandemic, and people’s increased awareness of their own mortality. The study showed that as coronavirus cases fall in an area, so does interest in this type of policy. The research, conducted by NerdWallet, found that 35 percent of American consumers who had been life insurance shopping during…

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Life insurance industry gap revealed among Black Americans, says survey

Nordstrom
Life insurance policy ownership - coffin

Recent research shows that there is a racial gap in this coverage as a result of several trends. For centuries, Black Americans have viewed life insurance policy ownership in terms of a singular purpose: covering the cost of burial. According to a recent Forbes article, this ongoing trend is indicative of a race-based gap in the industry. For many years, the industry has promoted purchasing small policies just big enough for funeral costs. That life insurance policy ownership trend didn’t start winding down until this century, said the report. “For…

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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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Progressive life insurance may be a future move, says CEO

Nordstrom
Progressive life insurance - Doors - Future

The insurer is looking into moving into a new market as the CEO says there is “more to come.” It may not be too long before Progressive life insurance becomes a product available to consumers in the United States. Though the move is far from confirmed, the insurer’s CEO has indicated that it is being considered. “We actually are considering that,” said Tricia Griffith, chief executive officer, when asked about the potential for Progressive life insurance in the future. “We have a life-insurance company filed in Ohio. More to come…

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Americans killed by COVID-19 complication least likely to have life insurance coverage

G. Turner
Life insurance coverage - COVID-19 - senior wearing mask

Insurers in the US are paying out far less than expected in connection with pandemic related deaths. When the pandemic first struck the United States, insurers had assumed that payouts for life insurance coverage would sharply spike. They had predicted that deaths from COVID-19 complications would lead payouts to skyrocket. However, several months in, they are finding that they aren’t paying out nearly as many claims as expected. This is largely because those dying from the virus have disproportionately low or lacking insurance. Over the last few weeks, a number…

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