For instance, Henrico County-based Elephant Insurance announced in August that it would offer a discounted rate to customers working from home. The company said policyholders and spouses working from home and driving less would be eligible to receive the new discount, depending on the number of days driven to work and the customer’s occupation.
- Many firms have noted double-digit increases in the number of life insurance policies they’ve sold during the Covid-19 pandemic relative to last year.
- The increase is largely due to a fear of death and greater awareness of financial risks associated with mortality, experts said.
- Insurance sales have been dwindling for years. In 2020, just over half of American adults reported having a life insurance policy, down from 63% a decade earlier.
Life insurance is enjoying something of a renaissance as a result of the coronavirus pandemic.
Consumers, especially younger adults, have been buying insurance in elevated numbers since the spring, when thousands of Americans began getting ill and dying from Covid-19.
That result is logical, experts said, given the core use of life insurance: as a financial backstop in the event of death.
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