Americans flocked to buy life insurance, prepare wills and trusts last year

As the coronavirus pandemic last year could not escape the reality of death, Americans focused more on life insurance, wills, and faith.

The number of applications for life insurance for people under the age of 44 will increase by more than 7 percent in 2020, said MIB Group, the data distribution service of insurance companies, which considers applications for life insurance.

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Over the past few years, the number of applications for life insurance in the age group has fallen sharply, so "it is very impressive that the age group is so high," said Andrea Caruso, MIB's director of operations. "This is a very important uprising."

While a number of factors contributed to the emergencies, experts focused on the pandemic and its insurance coverage.

"People look at death like they've never seen it before, especially in that age group," said Faisa Stafford, president of the nonprofit Life Happens, which promotes life insurance. "People may feel invincible, but Covid has made us realize that we're all going to die."

In the early stages of the pandemic, more than 22 million jobs were lost and only 12 million were restored, forcing many workers to opt out of life insurance paid by their employers through health benefits.

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Earlier this year, about 54 percent of Americans insured their lives, most of them through employers, experts say.

"If you lose your job, there's no life insurance. People who lose their jobs or lose their jobs are losing their insurance and looking for ways to replace it," Stafford said.

The exact number of applicants for life insurance is unknown, as some have applied several times and others have been rejected.

According to real estate planning experts, more and more people are writing testaments and power of attorney claiming that the pandemic has "raised people's awareness and fear of God," said Evelyn Zolen, national finance minister. Planning Association.

According to a recent LegalJoom.com survey by CNBC, 2 percent of people aged 1 to 34 years of age have a wilt draft due to Kovid-1 of. Twenty-one percent of that group made the paper because they knew someone who had been infected with the virus.

William Kirchik, the next president of the National Association of Estate Planners and Council, said the epidemic and the presidential election were factors.

Like the September 11, 2001 terrorist attacks, the epidemic "is an event that forces people to face their deaths," Kirchik said. "It makes a person think about sorting out their cases."

Experts acknowledge that preparing for death can be difficult. Kirchik said the estate plan could include land and trusts, estate planning attorneys, accountants, clients, insurance and financial advisors, and trust officers managing the accounts of philanthropic officials in charge of spending money for charitable executives. While work can be done by a lawyer with experience in property planning, it is not required in most states.

As part of the life insurance process, applicants may be required to take a copy of their medical records or check their vital signs.

Life insurance applicants generally fall into three categories: those aged 44 years and coin master free daily spins links younger, ages 45 to 59 years and those over 0 years of age. The percentage of applications in any group increased by 18.4 percent in July and 12.4 percent in August. , According to MIB.

In total, insurance applications for all three groups have increased by 4 percent this year.

"I think coronaviruses have made people more aware of their mortality. It has made them think about what could happen. They felt they had to protect themselves in one way or another," Caruso said.

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Life insurance sales have been declining for the year.

Last year, Northwestern Mutual, the largest seller of life insurance, sold 1 percent more life insurance policies from April to September, compared to last year, according to CNBC.