Americans are ‘panic buying’ life insurance due to coronavirus pandemic

SourceCNBC
SectorEconomy
CountryMiddle east

Shapecharge | E+ | Getty ImagesLife insurance is enjoying something of a renaissance as a result of the coronavirus pandemic.Consumers, especially younger adults, have been buying insurance in elevated numbers since the spring, when thousands of Americans began getting ill and dying from Covid-19.That result is logical, experts said, given the core use of life insurance: as a financial backstop in the event of death.More from Smart Tax Planning:12 million people asked the IRS for more time to fileGot a subsidy to buy health insurance? It could bite you at tax timeClosing a business? Avoid these tax surprisesFor example, what if the breadwinner of a family dies unexpectedly from Covid-19? Insurance is meant to plug that immediate gap in household income."It's forced the idea of financial protection and mortality to ...read more...