Hot Topics     Home and Family    

Pandemic make you more concerned about finances?



You’re not alone

financial security and life insurance

The COVID-19 pandemic disrupted nearly every aspect of people’s lives and, as it turns out, it also impacted their feelings about financial security and life insurance. In a national survey commissioned by Erie Insurance:
  • Two-thirds of respondents (66%) said the pandemic made them more concerned about their financial security than they were before. 

  • Sixty-one percent said the pandemic made them more concerned about how their family would be taken care of financially if they became seriously ill or worse and could no longer provide for them. 
  • Half (49%) said the pandemic made them question whether they had the right type and amount of life insurance as part of their overall plan for financial security, and a quarter (25%) contacted their insurance agent about it. 

If you’re among those who want to make sure your family is taken care of in the event something unexpected happens to you, but you aren’t sure where to start, here are three questions to ask your insurance agent: 
  1. How do I know whether I need life insurance? If you have family members or loved ones who depend on your income, it is a good idea to have life insurance to ensure they will be taken care of. The mortgage on your house, your child’s college tuition, car loans, and funds for your final expenses are just a few things that can be paid for with money from your life insurance policy. Even if no one depends on your income, it still may make sense to get a life insurance policy to cover your final expenses and debts — including student loans. 

  2. How do I figure out how much life insurance to get? There are several factors to consider, including the needs of the people you want to protect and how long they will need financial support. Consider your income, or if you aren’t employed outside the home, what it would cost if those left behind would have to pay for services you currently provide, such as childcare or home maintenance. 

  3. Which is better, term life insurance or whole life? It depends on where you are. Term life insurance protects you for a specific amount of time. An example would be while you are still paying off a mortgage or paying off your child’s college tuition. Whole life insurance accumulates cash value and allows for your loved ones to be covered throughout your lifetime. 
Something else to take into account as you’re considering purchasing life insurance is the value it provides, even if you never actually need to use it. “One of the best reasons to get life insurance is that it sets your mind at ease to know that your loved ones will be taken care of,” said Louis Colaizzo, senior vice president of Erie Family Life, Erie Insurance. “In fact, 44% of those who responded to our survey said the pandemic made them appreciate the peace of mind they get from having life insurance even more now than they did before.” 

 To learn more about life insurance, contact your agent or visit erieinsurance.com/life-insurance. 

Amid the uncertainty created by the pandemic, consider channeling your concerns into action by creating a financial safety net for your loved ones.

(StatePoint) 
PHOTO SOURCE: (c) PeopleImages / iStock via Getty Images Plus


Other articles by HVP News Reporters


  • Take a walk on the wild side with your kids

    Easy nature walk ideas

    Letting kids lead a nature walk builds confidence and decision-making skills while satisfying their innate curiosity read more »
  • De-stress your kids: The benefits of nature play

    Outdoor play helps kids build skills and stay healthy

    Today’s children lack adequate outdoor play experiences. Early learning specialists are sounding the cry. read more »
  • Resume tips for job seekers with disabilities

    Some of the most important things to keep in mind

    For the most part, writing a resume as a disabled worker involves the same best practices as writing any type of resume. Some of the most important things to keep in mind include: read more »
  • Protect birds from window collisions

    Advice from NYS DEC

    Bird migration is ramping up. Each year, millions of birds are killed in window collisions in the US. read more »
  • Think your child might have asthma?

    Take these steps

    Does your child sometimes wheeze? Are they short of breath? If so, they may need to see a health care provider to determine if they have asthma. read more »
  • 6 simple ways to soothe a teething baby

    Begin a smoother teething journey for your family with these ideas

    There’s nothing cuter than those first toothy grins, but cutting teeth is a tough business. When a baby is teething, parents often spend long days and nights trying to soothe their little one’s discomfort. read more »
  • 3 ways to save the planet in your own backyard

    Real actions you can take at home and in your community

    “Think globally, act locally” is a motto that everyone should take to heart. It emphasizes the importance of real actions you can take at home and in your community, while stressing the fact that every creature on planet Earth is connected. read more »
  • Water contaminants can impact child health

    Here’s how to remove them

    Clean, safe drinking water is essential for human health, especially for children, who are particularly vulnerable to certain contaminants. Local, state and federal policy has had some success in helping clean up drinking water supplies, but there are new reports of emerging contaminants linked to child development. read more »
  • Bring on dessert with better-for-you sweets

    3 recipes that add lots of healthy stuff with prunes

    If healthier eating holds a prominent spot on your list of goals, you may feel it’s necessary to eliminate some of your sweetest favorites. However, committing to a nutritionally friendly way of life doesn’t have to leave desserts by the wayside. read more »
  • Plant it for the planet

    Choose flowering plants for pollinators

    June is National Pollinators Month and June 16-22 is designated as “National Pollinator Week.” Sponsored by the U.S. Department of Agriculture and the U.S Department of the Interior, read more »