bs-preloader__icon
ru kz en

Covid-19 expands sales of life insurance

American households with different income levels are increasingly buying life insurance policies. The experts believe that the increased demand for insurers' products was provoked by the coronavirus epidemic, writes The Wall Street Journal.
Covid-19 expands sales of life insurance

According to the research company Limra, the number of life insurance policies sold in the United States in the first quarter of 2021 has grown by 11% compared to 2020, which is the largest increase since 1983. The increase in sales began last year amid rising Covid-19 deaths.  

In accordance with the statistics, insurers have reduced death benefits by 4%. “An average death benefit is 270 thousand dollars now. The decrease indicates that the sector has sold more policies to low-income households, - says David Levenson, the Limra Chief Executive. - We believe the policies have been bought by families with annual income of less than $100,000”.

Life insurance is a strategically significant industry bringing investment in the economy and social problem solution. Life insurance has long become more than just an inventory, thanks to which people can accumulate funds, get a return on investment, provide themselves with pensions and medical services. Life insurance has become a specific industry focused on the most varied customer needs, such as buying a home, paying for child education, minimizing taxes and much more. The Americans tend to trust life insurance companies than banks.

Source: https://www.wsj.com/articles/covid-19-expands-life-insurance-purchases-beyond-wealthy-11622026800

Photos are from open sources.

Share
read also
Life insurance has become the main growth area of the Kazakhstani insurance market – (FIAK)
Life insurance has become the main growth area of the Kazakhstani insurance market – (FIAK)

Despite the social distancing measures throughout the country this year, the Kazakhst...

Universal life insurance is more beneficial than a deposit: income guarantee and financial cushion
Universal life insurance is more beneficial than a deposit: income guarantee and financial cushion

How is the insurance market developing in Kazakhstan? Askhat Mukhamedov, the Head of ...

Insurance for a bankrupt
Insurance for a bankrupt

What is the best way to protect the money from the state and not to stay in one shirt...

The most interesting materials of the site you have in the mail! Subscribe to the newsletter.

ASK A QUESTION TO THE EXPERT
ASK A QUESTION TO THE EXPERT
Submit your application