{"id":19678,"date":"2020-09-25T08:41:52","date_gmt":"2020-09-25T12:41:52","guid":{"rendered":"https:\/\/insurancenewsnet.com\/?post_type=innarticle&p=5914105"},"modified":"2020-09-25T08:41:52","modified_gmt":"2020-09-25T12:41:52","slug":"covid-19-prompts-more-adults-to-consider-life-insurance","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2020\/09\/25\/covid-19-prompts-more-adults-to-consider-life-insurance\/","title":{"rendered":"COVID-19 Prompts More Adults To Consider Life Insurance"},"content":{"rendered":"


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CHATTANOOGA, Tenn. (Sept. 24, 2020) \u2013 <\/strong>The coronavirus pandemic gives millions of Americans\u2014especially younger adults, those with children at home, and minorities\u2014an opportunity to reconsider how they manage their finances.<\/p>\n

According to a new Unum survey,* 41% of adults said the pandemic has changed how their family handles finances. And nearly one in four (22%) will consider increasing their life insurance coverage this year.<\/p>\n

Most Americans don\u2019t understand how much life insurance they need\u2014and 45% don\u2019t have or know if they have life insurance\u2014according to the survey.<\/p>\n

\u201cThe pandemic changed our lives, and it\u2019s not a surprise more people are thinking about how they are protecting their families with life insurance,\u201d said Chris Pyne, executive vice president of Group Benefits at Unum. \u201cFor most people, the ability to earn an income throughout their life is the biggest asset they have.\u201d<\/p>\n

In nearly half (48%) of households, the death of a family\u2019s primary wage-earner would cause financial strain in less than three months.<\/p>\n

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While 22% said the pandemic caused them to consider adding additional life insurance coverage, the numbers are even higher among several groups, including: households with children (34%), Black adults (36%), Hispanic adults (38%), Generation Z\u2019ers (38%) and Millennials (30%).<\/p>\n

When asked how much life insurance they need, more than one in three (36%) of respondents said they just needed the equivalent or double their annual income. And another 28% believe they just need three or four times their income.<\/p>\n

In fact, Life Happens recommends <\/a>people have 10 to 15 times their salary in life insurance coverage for funeral expenses, household bills and future financial obligations, like education or retirement, should a wage earner die.<\/p>\n

*Online research administered between Aug. 25 and Sept. 2, 2020 by Dynata on behalf of Unum among 1,002 U.S. adults.<\/em><\/p>\n<\/div>\n

Read the original article at insurancenewsnet.com <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

CHATTANOOGA, Tenn. (Sept. 24, 2020) \u2013 The coronavirus pandemic gives millions of Americans\u2014especially younger adults, those with children at home, and minorities\u2014an opportunity to reconsider how they manage their finances. According to a new...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/19678"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=19678"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/19678\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=19678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=19678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=19678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}