A quarter of Americans rushed to buy life insurance during the Covid-19 pandemic, but 21% of them now regret their purchase, a survey from Expertise.com has found. It noted that 64% of those surveyed had life insurance before the pandemic.
According to the survey, almost 80% of the insurance buyers were under the age of 44.
Among the 21% of respondents who regret their life insurance purchase, 9% said they had already cancelled their policy and 16% said they plan to cancel it eventually.
Among respondents who tested positive for Covid-19 before taking out a life insurance policy, 27% said having had the illness made it hard to find an insurer willing to accept their application, while 38% said it raised their prices.
Among those who purchase life insurance during the pandemic, 64% bought it online while 21% bought their policy in person. In 2018, just 29% of consumers said they purchased life insurance online.
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