Global Atlantic Study Highlights Shifting Financial Priorities and the Need for Planning Amid Pandemic
New research from Global Atlantic Financial Group found that more than eight out of ten Americans (83%) say making sure their loved ones are financially protected is important to them right now, yet two in five (43%) have no life insurance and only one third (33%) believe they have enough life insurance or other assets to protect their family in the event of their own death.
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The “Perceptions of Life Insurance During a Pandemic” study was conducted in August by Artemis Strategy Group on behalf of Global Atlantic, among 1,065 American adults to examine their views on life insurance, estate planning and shifting financial priorities.
Aside from contracting Covid-19 personally or having a family member or close friend contract the virus, the top concern among those surveyed was to ensure their family’s financial wellbeing.
A full two thirds (67%) of Americans say the Covid-19 pandemic has made them think about their own mortality, while seven in ten (69%) have reassessed at least one financial aspect of their life during the pandemic. These areas include their emergency savings situation (54% have reassessed), long-term savings and investments (49%), employment situation (39%), and life insurance (28%).
When asked how many years of income they would replace with life insurance in the event of an early death, nearly six out of ten (57%) said at least two years. More than half of those with $150K or more in household income would replace five or more years of income (54%).
Only one third of Americans had a will in place before the pandemic, but nearly three out of ten either made changes to it during the pandemic,