Panic life insurance purchase is the new bad hairstyle

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.