Consumers Panic Shopping For Life Insurance In The Face Of Coronavirus

The panic shopping for coronavirus planning doesn’t end with food, water and toilet paper. Some consumers are also panic shopping for life insurance.

In the face of widespread fears about infections and quarantines, many Americans are getting their financial houses in order.

Fabric, which offers instant online life insurance and other financial help, says it has seen a 50% increase in life insurance applications since mid-February. The company has also seen a similar increase in the online wills it offers.

People “are thinking of ways to protect their families,” says Adam Erlebacher, CEO and co-founder of Fabric.

LifeQuotes, a national online life insurance agency, reports a 29% increase in applications requested since Jan. 20, 2020 – a date commonly used as the day the coronavirus became widely known.