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A research report for Expertise.com that found many young Americans “panic bought” life insurance during the pandemic and now 21% of them regret it.
Of a survey of 1,000 Americans, the report revealed that 25% of Americans bought a life insurance policy during the pandemic and within this group, 21% were ages 18-24, 32% were ages 25-34, and 26% were ages 35-44. Just 22% were over 45.
And among those who bought life insurance during the pandemic, 21% now regret it while another 13% preferred not to say. Within that group of 21%, 74% were between the ages of 18 and 44, according to results.
In following up with the 21% who regretted their life insurance purchase, Expertise.com asked if they will cancel their policy now that the pandemic appears to be winding down: 9% have already canceled it, 16% indicated they will cancel it eventually, 26% were not sure either way, 41% will not, and 9% opted not to say.
Known for ranking homeowners insurers to colleges and universities, and even mattresses and washing machines, U.S. News and World Report is tackling a “relatively new form of insurance” and a “not as well understood market” with its latest list: Best Pet Insurance Companies of 2021.