More Americans turned their attention to life insurance, wills and trusts last year as the coronavirus pandemic made the reality of death unavoidable, NBC News reports.
The number of life insurance applications from people under age 44 increased by more than 7 percent in 2020, according to the MIB Group, a data sharing service for insurance companies, which tracks life insurance applications.
Life insurance applications for the age group had been mostly down over the last several years, so "for that young age group to be up that much is very impressive," said Andrea Caruso, MIB's chief operating officer. "That's a pretty significant climb."
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While several factors contributed to the spike, experts pointed to the pandemic and the insurance awareness it brought on.
"People are looking at mortality like they've never looked at it before, especially that younger age group," said Faisa Stafford, president of the nonprofit Life Happens, which promotes awareness about life insurance. "People were probably feeling invincible, but Covid made people realize that we're all mortal."
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