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Consumers’ pandemic shopping lists went beyond baking flour and exercise equipment in 2020. They also bought more life insurance. Applications for life-insurance policies jumped 4% in 2020 in the U.S., the highest year-over-year annual growth rate since 2001.
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Some big insurers set their own records. New-sales premium topped $1 billion at Northwestern Mutual Life Insurance Co. for the first time, nearly an 8% increase over 2019. “The silver lining of the year was that it did help people realize they need to prioritize planning for the worst days as well as the best days,” said Chantel Bonneau, a Northwestern Mutual financial adviser in San Diego since 2010.
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