Life insurance industry gap revealed among Black Americans, says survey

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

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

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

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

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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How the Pandemic Will Change Our Lives for the Foreseeable Future

life insurance

Facing the uncertainty of life during the time of COVID-19 is incredibly taxing. From worrying about job security and the health and safety of loved ones, many are struggling to comprehend the long-term effects of this pandemic. Any plans for the future have seemingly been shelved as it has not yet been determined when things will go back to normal. If you are concerned about how the pandemic will change your life for the foreseeable future, take a few action steps now to ensure you are creating as much stability…

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State Farm Life Insurance must pay $34M class-action plaintiffs, federal appeals court

State Farm Life Insurance - Law - Justice

The 8th US Court of Appeals has upheld the ruling that policyholders in Missouri must be repaid. State Farm Life Insurance must repay Missouri policyholders more than $34 million for having charged them undisclosed fees, ruled the 8th US Court of Appeals. The class action lawsuit was filed on behalf of 25,000 policyholders back in 2016. The plaintiffs in the class action lawsuit were people who had purchased policies from State Farm Life Insurance between 1994 and 2004. The lawsuit alleged that the insurer’s policy premiums were said to be…

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