COVID is driving new member interest in life insurance

These 4 must-haves make it more likely they’ll turn to your credit union for critical protection

This past year saw a big uptick in life insurance interest. New TruStage life insurance sales were up 51.5% in 2020 vs. 20191 and a 2020 industry survey found 29% of consumers overall reported being more likely to buy insurance in the next 12 months.2

That spike is easy to explain. Members have had to weather a daily barrage of COVID casualty rates—which made the possibility of leaving their family without an income source more real than it might have been in the past.  Plus, those who only had life insurance through their employer faced the possibility of losing coverage if they lost their job. Unemployment rates hit a record high of 14.7% in April 2020,3 and were still nearly double pre-pandemic rates in early 2021.4

But even members who know life insurance is critical, might be overwhelmed by the application and purchase process—and wonder if they can really afford to add this protection to an already stretched budget. Deliver the following must-haves and you’ll increase the likelihood members opt to make life insurance happen through your credit union.

 

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