The pandemic brought along panic buying of a lot of different items. Things like toilet paper, hand soap/sanitiser, and canned goods flew off the shelves in supermarkets, the housing market 🏠 completely exploded 💥, and…so did the insurance industry? Yep. You read that right. The life insurance industry experienced quite the boom as people rushed to purchase a policy during the pandemic.
Previously, many families and young individuals would put off buying life insurance because of budgetary restrictions. During the pandemic, however, a lot of people changed their tune, shuffled things around (also realised that it’s not as expensive as they thought!) and made it a priority. Nothing like a global pandemic to make you face your own mortality! The fear of catching the virus 🦠 made it even more important to make sure loved ones would be taken care of if something were to happen.
Due to country-wide lockdowns and the rise of working from home, there was a large chunk of the population who now had the same amount of money coming in, but with significantly less expenses. Gone were the days of going to the movies, holidays abroad and eating out at restaurants. Even the morning cup of takeaway coffee went by the wayside. The loss of ways to spend disposable income meant people finally had a chance to reevaluate their financial situations, and prioritise things like insurance.
Millennials were among the most likely to purchase a life insurance policy, with a whopping 45% realising that millennials need life insurance too (https://bequest.com/articles/life-insurance/millennials-need-life-insurance/). Obviously the pandemic got people thinking about how unpredictable life can be, and they want to be prepared accordingly. One of the largest motivators is that they don’t want their death to be a financial burden on their loved ones.
The digitalisation of a typically analog process has also helped appeal to the next generation of life insurance buyers. Almost everything is done online now 🧑💻, ranging from shopping, to booking holidays, reading the news, and even watching TV. This is why life insurance companies have to learn and adapt, with many relying on the use of Artificial Intelligence to streamline the process.
Bequest is ahead of the curve in that regard — we’ve embraced the digital side of things and make it incredibly simple to not only sign up for life insurance, but also write your will online.
Other benefits of getting life insurance through Bequest include:
- a monthly direct debit system for insurance premiums, so you don’t even have to think about having another bill to pay
- no medical check up required
- flexibility to change your policy as your circumstances change
- no mental health or postcode discrimination 🙌
- coverage of up to £500,000
We also understand how unpredictable life can be, which is why we’ll continue to cover you if you move abroad just as long as you have a UK bank account! 🇬🇧
The COVID-19 pandemic has not only altered day-to-day life, it has also changed the mindset of a lot of people. Whether it has inspired people to change careers, buy a house, move to the countryside, or buy a life insurance policy, it’s safe to say everyone is coming out of it a slightly different person than they were in 2019.
At Bequest, we want to make buying life insurance a simple and straightforward process. If we’ve sparked your interest, but you still have more questions, visit our Life Insurance FAQs or simply reach out to us for all your life insurance needs. ✌️