Health & Life Insurance Actuaries | Lewis & Ellis Inc.

Life insurance buying spree continues under COVID

by Our Team

Buying Spree Continues
Buying Spree Continues

It should come as no surprise that COVID forced millions of Americans to confront some shortcomings in their lives.

For many, that meant reconsidering their relationship with life insurance, and people quickly realized where they were falling short.

Searches for the term "life insurance" increased fifty percent from March to May, and some insurers reported sales growth of as much as thirty percent year over year.

Particularly active were millennials and the youngest Gen-Xers. Applications among people under the age of forty four increased thirteen percent in the third quarter, and those trends seem to be holding strong.

The realities of the pandemic also had an effect on how people bought coverage. Direct-to-consumer sales in the second quarter were considered a driver for increased purchasing volume on the whole.



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