The COVID-19 pandemic has significantly impacted people's perspectives on many things, including life insurance. According to Forbes, 63% of surveyed respondents now know that life insurance will pay to cover a COVID-caused or COVID-related death. In a world plunged into uncertainty, more people have decided that it's time to secure insurance to protect their families. Here's how that trend played out.

The Shift in Thinking

The pandemic changed a lot of things for a lot of people. It changed tangible things like how they worked and how they shopped, and it also changed intangible things like how they felt about insurance. The purchase of life insurance coverage in 2021 rose, with nearly 46 million policies sold, a 6.1% increase over 2020, according to CNN Business.

How people thought about insurance products that provided a safety net changed during and after the COVID-19 pandemic. People realized that unexpected illnesses could leave their families in financial ruin. The heightened interest in life insurance policies has been a direct result of the COVID-19 pandemic, which created a shift in how people think about death and illness.

Insurance Companies Response

Insurance companies have responded to the rising consumer demand by adjusting their product offerings to meet the new needs that COVID-19 created. For example, some carriers added COVID riders to existing policies and others changed the language of new policies to ensure coverage. Insurance carriers have changed their policies to meet the emerging needs of a world that has lived through a pandemic.

Risk assessment processes have also changed for many carriers in response to the COVID outbreak. The need to quickly assess risk to issue policies led the industry to artificial intelligence. The process of underwriting insurance policies is now quicker than ever.

Digitizing Operations

The pandemic sent everyone home to work. The insurance industry was no exception. Digitizing operations were born out of necessity and pushed innovation in digital technologies. Insurance companies invest heavily in their digital presence and meeting consumers' needs via digital technologies.

The COVID-19 pandemic changed how insurance companies do business. There is less paperwork and more virtual customer assistance since the pandemic. Insurance companies have become more efficient and have the ability to better meet client needs.

It's not too late to protect your family. If you're looking for a life insurance policy that can meet your needs, call Caswell Insurance Services Inc today. We will be happy to answer any of your questions and provide you with a free quote.