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


  • Understanding 'Warning Strokes'

    What to expect if you experience stroke symptoms, even if they disappear

    Diagnosing a transient ischemic attack (TIA), sometimes called a “warning stroke,” can be challenging because symptoms often disappear within an hour. However, it’s important to seek emergency assessment to help prevent a full-blown stroke. read more »
  • Managing your family's year-round health

    Protect everyone from infectious diseases

    According to the Centers for Disease Control and Prevention (CDC), vaccines help create protective antibodies that fight off infections. read more »
  • What to know about Pulmonary Arterial Hypertension

    treatment can help control symptoms and improve quality of life

    Each year, an estimated 500-1,000 people nationwide are diagnosed with pulmonary arterial hypertension (PAH). While there’s currently no cure, treatment can help control symptoms and improve quality of life. read more »
  • Bring back family bonding this fall

    3 ways to free up busy schedules to spend time with loved ones

    Busy fall schedules often leave little time for the things that matter most – sharing special moments with those you love. This year, as time seems to speed up during another school year, making family bonding a priority in your household can start with a few simple tricks. read more »
  • Top tips for a more organized kitchen

    Save time and money

    Better organization in the kitchen means spending less time searching for the right ingredient or tool so you can have more time for savoring meals with family and friends, and more time for personal pursuits. read more »
  • 6 small, kind gestures to make a big impact each day

    Performing acts of kindness improves individual well-being

    Everywhere you look, you can see moments of kindness. From a friend sending a thoughtful text message to a stranger holding the bus for someone running late or a person paying for someone else’s coffee, acts of kindness happen every day. read more »
  • Keeping babies safe

    Tips to help prevent some of the biggest dangers

    Tips to help prevent some of the biggest dangers for babies include safe sleeping habits, product recalls, baby proofing & car safety read more »
  • Tips to get tour student prepped for college entrance exams

    Help get your teen ready

    Is the SAT or ACT on the horizon for your high schooler? A lot of emphasis is placed on college entrance exams, and your child may be anxious about their scores. read more »
  • More than two-thirds of Americans plan to get a flu shot this season

    CVS Pharmacy® and MinuteClinic® encourage consumers to get an annual flu shot and stay up to date on routine vaccinations

    CVS Health® (NYSE: CVS) is prepared to meet patients' vaccination and other preventive health care needs as flu season approaches. CVS Pharmacy® and MinuteClinic® are offering the annual flu vaccine at locations nationwide. CVS Pharmacy is also offering the new respiratory syncytial virus (RSV) vaccine, which has been approved for adults ages 60 and up. read more »
  • 10 phrases to say to children every day

    Instill valuable life skills and boost their self-esteem

    As parents, you play a pivotal role in shaping your child’s character, confidence, and overall development. Every interaction is an opportunity to instill valuable life skills and boost their self-esteem. read more »