UG Insurance Brokerage Inc Blog
Before COVID-19 swept the United States, the number of people getting life insurance declined by 25% in the last ten years. Households whose family income is below $100,000 do not consider getting life insurance. A survey conducted in January this year revealed that nearly half of American consumers do not have life insurance.
Consequently, many Americans faced the height of the pandemic without life insurance. Their families become vulnerable to the financial shock in the event of their leading income provider's unexpected demise.
COVID-19 Becomes an Eye-opener
The uncertainties brought by the pandemic had made most Americans rethink about the importance of life insurance for their family. A recent survey found out that American consumers' interest in getting life insurance is picking up due to the pandemic.
About 36% of Americans said that the pandemic made them realize the importance of having life insurance in these challenging times. Meanwhile, only 7% of them consider that life insurance is less critical despite the COVID situation. Most US households are particularly worried as the virus continues to claim lives across the country. As of writing, more than 6.7 million Americans got infected with nearly 200,000 deaths.
Likewise, Americans are rethinking about the coverage of their life insurance in response to the pandemic. About 12% of the respondents have expanded their life insurance scope, while 9% have changed their policy coverage.
The survey was conducted in July this year. About 1,004 respondents aging 18 years old and above participated in the study.
Coverage of Your Life Insurance
In most cases, life insurance can cover almost all causes of death and gives death benefit to your beneficiaries. Nearly all sorts of deaths are covered in a typical insurance policy. It includes death by natural reason, accidental death, murder, and suicide. If you died due to COVID-19 and you have existing life insurance, your designated beneficiary will surely get a death benefit from your policy.
Besides the death benefit, your insurance policy can cover the following expenses: monthly bills, everyday expenses, mortgage debts, childcare expenses, children’s college tuition, and burial expenses.
Americans are now fully aware of the uncertainties brought by the pandemic. They realized the value of having life insurance. It protects your family from the financial burden that they might encounter when you suddenly die. You can show that you love your family by safeguarding their future with life insurance.
At UG Insurance Brokerage Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (718) 848-7777. Get your free quote today by CLICKING HERE.