More Americans buying life insurance amid COVID-19 pandemic
ORLANDO, Fla. - More Americans are buying life insurance during the COVID-19 pandemic.
"Whenever there's a mass loss of life, interest just naturally increases in life insurance," said Darin Reeser, with Securian Financial.
He says coronavirus has a lot of families wanting to make sure they are prepared just in case.
"So thinking about making sure that all those debts and your financial obligation are met so you don't leave those with your loved ones is a really important part of considering life insurance," Reeser said.
It's not just older people buying life insurance, millennials are surging into the market.
"We don't often think about is those that are maybe new to the workforce or younger, single individuals... that they may have large student loans, they may have a cosigner on a debt," Reeser said. "Those debts are still going to be the lenders, are still looking to have those debts paid. So, either your parents or your friends or family or next of kin are going to be contracted, most likely to satisfy those obligations."
Reeser says when buying life insurance, you should ask how much do you need and what type of coverage are you looking for.
"Do I have enough life insurance to satisfy my children's education, future education expenses? Am I going to be able to replace my income for my family?" he said.