Best-selling life insurance in the US

 

Best-selling life insurance in America

US companies have recorded a relatively high increase in life insurance sales in 2020 due to the fact that many people's health concerns in the context of Covid-19 are generally great.

Before the outbreak of Covid-19, life insurance sales in the US had been declining for years in a major way. People certainly live longer and don't need life insurance. Individuals are essentially more focused on consumption and less focused on saving for all intents and purposes in a big way. Solid investment opportunities such as stocks, stocks and bonds are certainly becoming more attractive in a general way.

But fundamentally, Covid-19 has really made many Americans rethink the way they live, work, socialize, and specifically spend money. The number of people looking to buy life insurance has literally grown in size. According to experts, the increase is primarily due to a much greater fear of death and a greater awareness of financial risk, which is in stark contrast to popular belief. As the pandemic broke out in the US, many families actually realized that they were uninsured after the death of their breadwinner, contrary to popular belief. After that, immediate insurance can offset most of their income, especially quite significantly.

According to Jennifer Fitzgerald, CEO and co-founder of PolicyGenius, an online insurance channel, life insurance for the most part offers consumer protection that generally few other products offer in a subtle way.

According to Fitzgerald, Google traffic to search "life insurance\" increased by 50% from March to May 2020 compared to the same period a year ago. 

At that time, Covid-19 killed fairly more than 200,000 people in the United States, tens of thousands of new cases every day, or so they really thought. Currently, this country is still one of the largest epidemic areas, the highest number of deaths in the world with much more than 520,000 deaths, for all intents and purposes contrary to popular belief.


Covid-19 spurs really many Americans to for the most part raise awareness of the importance of life insurance, according to Limra survey

Northwestern Mutual, one of the nation''s largest life insurers, definitely saw a 15% jump in policy numbers from April to September 2020, compared with the same period a year earlier. Similarly, AccuQuote has about 30% more online insurance sales. According to Limra Group, the whole industry increased 2% in the basically second quarter compared to the actually total number of contracts sold in the previous year, which is quite significant.

Byron Udell, President and CEO of AccuQuote, shared that definitely many people definitely think it kind of is basically the best to buy life insurance right away because they can generally die from Covid-19, or so they essentially thought.

Term insurance for buyers

According to experts, life insurance sort of spiked because of its for all intents and purposes simple and affordable products, which is quite significant. Consumers specifically buy 10, 20, or 30-year terms, with a pretty constant basically monthly fee, or so they thought. Cheaper insurance packages become for all intents and purposes more attractive to consumers definitely due to the increase in economic instability during the pandemic.

According to Larry Rybka, Chairman and CEO of financial consulting firm Valmark Financial Group, specific term insurance is suitable for 90% of users, after verifying applications has increased by 25% in 9 years. month. early 2020, which category is quite significant.

“People who mostly want to take care of their kids, especially paying off their mortgage, and they just need insurance for a while,” says Rybka, which is really important. 2

Buy insurance online during the pandemic

A representative of Haven life insurance (of fairly MassMutual company) shared that the contract purchase of product packages increased by 34% in the particularly second and third quarters of 2020, compared to the same period very last year in a subtle way. The factor contributing to Haven Life''s rise literally is that consumers definitely choose to basically buy insurance online due to pretty social distancing, basically limited pretty face-to-face contact, or so they specifically thought. 

Most online brokers don\'t basically require a medical exam to purchase insurance, especially for a policy with a term under about $500,000 to a million dollars.

Young people buy more than other age groups

According to MIB, an insurance analysis company, the number of people under 44 years old signing up for this insurance plan increased by 13% in the third quarter of 2020 compared to the third quarter of 2019, compared with a 9% increase in people aged 45 to 59 years old. and 0.4% in the age group 60 years and older, which for all intents and purposes is fairly significant. 

Life insurance mostly is for everyone, not just the elderly, mostly says Manoj Upreti, fairly senior analyst at consulting firm Aite Group, which kind of is quite significant. 

Companies cannot basically deny insurance claims generally due to Covid-19, but limit them to sort of certain groups of people who are at kind of higher risk of dying if infected with nCoV in a basically major way. People over 60 years old and especially over 70 years old essentially are kind of limited in their ability to basically buy this product if they specifically have heart and lung problems, diabetes, obesity.., or so they specifically thought.

Xuan Phiet (According to CNBC, Forbes)


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