At Fabric, we believe financial planning for parents should be simple. But as the current health pandemic continues for potentially many more months or even years, parents’ to-do lists also continue to grow.
People are worried about everything from how the coronavirus will affect their finances to the myriad ways kids are acting up in quarantine.
That doesn’t leave a ton of head space for future planning. But at the same time, the pandemic has forced a lot of parents to think about the steps they’re taking to help protect their families, particularly in light of an uncertain future.
To get a pulse on how parents nationwide are thinking about the future, Fabric conducted a study via The Harris Poll. Here are some key results:
25% of American parents with children under 18 say COVID-19 has made them realize estate planning should be a priority for them. That’s roughly 16 million parents of kids under 18.
Despite juggling a million things at home—working, homeschooling, keeping their families afloat—one in four parents has come to the conclusion that creating a will and having life insurance is more important than ever. (That often includes deciding between term and whole life insurance, especially for young families.)
Since COVID-19 began, 10% of surveyed U.S. parents with children under 18 have purchased or increased their life insurance and 8% have made or updated their will.
To us, that indicates that millions of parents have somehow found the time to work on their estate plans in a pretty short time, despite being swamped with Zoom calls and screaming toddlers and struggling to actually savor time with their families.
This is something that so many parents put off for so long—we’ve spoken to plenty of customers who’ve put off life insurance for a year or more before finally applying and getting it off their to-do lists!
The global pandemic has been incredibly challenging and difficult for so many of us. One small ray of light in the darkness is that many parents are using this experience as an excuse to finally get their financial houses in order and plan for the future.
This survey was conducted online within the United States by The Harris Poll on behalf of Fabric from April 16-20, 2020 among 2,030 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.
For complete survey methodology, including weighting variables and subgroup sample sizes, please contact firstname.lastname@example.org.
Fabric exists to help young families master their money. Our articles abide by strict editorial standards.
Fabric by Gerber Life exists to help young families master their money. Our articles abide by strict editorial standards.
Information provided is general and educational in nature and is not intended to be, and should not be construed as, financial, legal, or tax advice. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. Federal and state laws and regulations are complex and are subject to change. We make no warranties with regard to the information or results obtained by its use, and disclaim any liability arising out of your use of, or reliance on, the information.
Fabric by Gerber Life offers a mobile experience for people on-the-go who want an easy and fast way to purchase life insurance.
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Term Life Insurance Policy Series ICC22 2205-4004 WSA and Accelerated Death Benefit Rider policy series ICC22 2205-2623 WSA (and state variations where applicable) issued by Western-Southern Life Assurance Company, Cincinnati, OH which operates in DC and all states except NY, and distributed by Gerber Life Agency, LLC using Fabric Technologies. Gerber Life Agency, LLC is an affiliate of Gerber Life Insurance Company (est. 1967). All are members of Western & Southern Financial Group (Western & Southern). Issuance of coverage for Term Life Insurance is subject to underwriting review and approval. Please see a copy of the policy for the full terms, conditions and exclusions. Product provisions, availability, definitions and benefits may vary by state. Payment of benefits under the life insurance policy is the obligation of, and is guaranteed by, the issuing company. Guarantees are based on the claims-paying ability of the issuer. Products are backed by the full financial strength of the issuing company.
All sample pricing is based on a 30-year old F in Excellent health for the coverage amount shown and a 10-year term policy, unless otherwise stated. Gerber Life Agency, LLC (GLA) is an insurance agency licensed to sell life insurance products. GLA will receive compensation from Western-Southern Life Assurance Company for such sales. The NAIC Company Code for Western-Southern Life Assurance Company is 92622.
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