Afternoon Edition: Insurance Survey says pandemic has changed needs

September 28, 2020/Afternoon Edition/

Among the articles that we feature in today’s Afternoon Edition is a press release from the Unum Company. Unum, an insurance company, says in this release that the coronavirus pandemic has changed insurance needs of families.

The results of their survey indicated that 41% of Americans say that the pandemic has changed the way that they handle their family finances and 22% indicate that they are considering increasing their life insurance during the coming year. Finally, 48% say that the death of a family’s primary wage earner would cause financial stress in less than three months.

Its our opinion that funeral home owners and preneed companies should look at this type of thinking when they are strategizing the sale of preneed policies. For instance, when I ran our funeral home we put our efforts in preneed into those households who owned homes and had a female adult over the age of 55 years living in that household. Our statistics just indicated that those were the type of families that a visit about preneed brought results.

From what I’ve heard about the pandemic and our changing family financial pictures, both anecdotally and via some data, I might look at designing a strategy that would bring that age down from 55 years. I might also look at being more aggressive in the over 70 market who passed over the idea of purchasing preneed earlier in life but now understand, after seeing COVID deaths, that mortality is certain at some point.

We also bring you an updated article on Tattoo removal as an ancillary revenue source for funeral homes. Funeral Director Daily did an article on this topic over a year ago. You can see that article here.

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