45% of Millennials Will Buy Life Insurance Due to COVID-19

Insurance Options CEO Says Mistakes About Buying Insurance Affect Family Time Financial Protection

SCHAUMBURG, IL / ACCESSWIRE / September 6, 2022 / In many parts of the United States, the outbreak of COVID-19 appears to be over but the death toll is still high. According to the Life Insurance Marketing and Research Association (LIMRA), all people die life insurance increased 20 percent in the first three years of 2021. About 60 percent of those deaths were related to COVID. When translated into dollars, life insurance paid out $90 billion in 2020, an increase of 15.4% over 2019.

The non-Covid-related deaths also included several reasons for people delaying medical treatment or taking care of existing conditions such as diabetes, hypertension and kidney disease according to LIMRA officials.

Many who had never had time to think about or prepare for their death, or that of a loved one, are now faced with the issue of life insurance, especially among Millennials who are between the ages of 22 and 40. According to a recent study. Insurance Barometer Study45 percent of Millennials said they would buy life insurance because of COVID-19 compared to 15 percent of Baby Boomers and 31 percent of Gen Xers.

Joanna Czapla, an insurance agent at Protect Choices, LLC, has worked for 20 years in education and employment. They work with families to help them build financial security and protect their family’s future. Czapla said that after the epidemic paralyzed the world, it also threatened his life and future. But what saved his family from destruction was preparation.

Czapla said: “It makes it clear that all family caregivers should have a proper plan to protect their children and dependents. And one of the biggest mistakes parents can make is to say they are too busy or ‘will think about it later’ when it comes to insurance. The best way to deal with the times we are too afraid to think about is to plan.”

However, Czapla’s writings about this “awakening” did not translate to many active Americans. Although life insurance premiums are still high, policy ownership is down slightly in 2021. According to LIMRA, only 52 percent of American adults report having life insuranceup from 54 percent in 2020.

Czapla also reviews the customer’s Protected Choices options

Czapla emphasizes that couples should take their destiny into their own hands.

He said that misconceptions about insurance affordability are what prevent families from accessing financial security such as retirement, long-term care and benefits. When it comes to life insurance, the needs of every family are different, but nowadays, life policies can be customized to suit their needs with protection and additional features that can be changed in the future, if needed. Also, the right insurance policy can increase the value of the investment even when the markets go down.

Czapla added: “More than 250,000 children lost their parent or guardian because of the virus. Across the United States, young people are facing a new day without a parent. They are also facing a new financial crisis. to happen tomorrow, but we have a choice to protect ourselves and our families. The joy of life is a constant peace of mind.”

ABOUT EVENTS, LLC

Protected Choices was created by Barra & Associates, an Insurance and Financial Services Brokerage with a focus on personal and business solutions. Their core expertise covers personal and commercial property, personal injury, life, health and index markets. For more information visitwww.ifsbrokerage.comor visiting Facebook, TwitterorLinkedIn.

CONTACT

Joanna Czapla
www.ifsbrokerage.com
[email protected]
(847) 962-9902

source: Secured Securities, LLC