Life Happens collaborated with LIMRA on the 2020 Insurance Barometer report.
In one section, the survey team made survey participants rank their level of concern about living expenses, health insurance, life insurance and saving goals, rather than letting them simply express concern or lack of concern about each of those components of spending.
From 2011 through the beginning of 2020, life insurance flopped around at the bottom of the hierarchy chart.
Earlier this year, life insurance suddenly climbed above living expenses as a concern — even though the survey was conducted before the government had acknowledged that much COVID-19 had spread to the United States.
Lincoln Financial Survey
Lincoln surveyed 1,004 U.S. adults ages 18 and older, in July.
About 7% of the participants said owning life insurance is now less important than it was before COVID-19 came along.
But:
- 36% said the pandemic makes owning life insurance more important.
- 9% said they had changed the type of coverage they own in response to COVID-19.
- 12% said they had increased their life insurance coverage in response to COVID-19.