Prior to the COVID-19 pandemic, studies found Millennials as the generation that is most at risk because they are not prepared for unexpected adverse events. However, this changed during the 2020 pandemic, after insurance industry analysts at Limra took notice that there was a significant rise in the number of life insurance sold to Millennials.
The first quarter of 2020 alone saw an eleven percent (11%) rise, compared to the numbers sold to Millennials in the previous years. It was even touted as the highest increase ever experienced since 1983 as far as Millennials are concerned. As it was, even the bottom line insurance companies also experienced sales increases in life insurance coverages for young American adults.
According to the CEO of Yahoo Finance Live, Roger Crandall, their analysis of the sales increases during the pandemic revealed that insurance companies sold mostly affordable insurance policies to families with relatively small household income. As a result, the average death benefit dropped by 4% at $270K.
AAC Study Upholds Findings that Many Millennials are “High Risk” Drivers
Despite increased interest in buying a life insurance policy among young adults to ensure financial protection for their family, Millennials still hold a reputation for being “high risk” drivers. ,
Up to this day, the American Automobile Association (AAA) Foundation continues to uphold previous findings that there are more Millennial drivers who engage in dangerous behaviors while behind the wheel and moving on the road. This was earlier revealed in a 2017 market research survey participated in by 2,500 respondents.
Survey results revealed that about 88% of drivers belonging to the Millennial generation, admitted to driving while regularly engaging in risky behaviors, such as running red lights, speeding and texting while driving.
The latest study of the AAA Foundation for Traffic Safety shows that Millennials in different age brackets were the top three groups of drivers who have the worst driving behaviors. On the other hand, teenage drivers ranked 4th, while the elderly ranked 5th in terms of bad driving.
Can “High Risk” Drivers Get a Car Insurance Policy?
Similar to life insurance policies to which insurers provide only affordable insurance coverage to families with small income, traditional auto insurers reserve the right to refuse providing insurance coverage for high risk drivers.
However, the majority of the state governments in the US still give a second chance to traffic or motoring offenders; and even to those who have been criminally convicted for having caused a fatal car crash. After paying the fines, penalties and/or hospitalization expenses, and completing community work or jail term, drivers whose license have been suspended can still work toward getting their suspension lifted.
Now here’s the thing, many encountered problems in securing a legal requirement known as a SR 22 certification of a car insurance policy. Mainly because traditional insurers are inclined to refuse insurance coverage for high risk drivers.
Moreover, many high risk drivers are frustrated they could not find a cheap insurance to complete the DMV’s license-reinstatement requirements.
Actually, a special group of insurance companies have been designated by state insurance regulators as insurers of last resort for high risk drivers. As an incentive, these insurance companies can collect high premiums in amounts that would enable them to recover potential financial claims or losses that a high risk driver may incur.
Prior to the COVID-19 pandemic, studies found 
Up to this day, the American Automobile Association (AAA) Foundation continues to uphold previous findings that there are more Millennial drivers who engage in dangerous behaviors while behind the wheel and moving on the road. This was earlier revealed in a 2017 market research survey participated in by 2,500 respondents.