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Employment played a role, as 65% of those that were laid off or furloughed because of the pandemic cut or reduced coverage, according to ValuePenguin. (Credit: Dmitry Kalinovsky/Shutterstock.com) Employment played a role, as 65% of those that were laid off or furloughed because of the pandemic cut or reduced coverage, according to ValuePenguin. (Credit: Dmitry Kalinovsky/Shutterstock.com)

Nearly four in 10 U.S. consumers said they reduced or eliminated insurance coverage this past year as a way to help save money, according to a ValuePenguin.com survey. The most common lines that saw reductions or were cut out completely were healthcare, auto policies and dental, respectively.

Slightly more than 30% reduced coverage, while 35% eliminated at least one policy in 2020, the survey revealed. Saving money was the main reason cited for doing so, while 29% reported an inability to afford coverage.

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Steve Hallo

Steve Hallo is an assistant editor with PC360 Group. Prior to his current position, Steve spent nearly a decade covering retail transformation, consumer trends, manufacturing issues and supply chain challenges impacting global CPG markets. He can be reached at [email protected], and on LinkedIn and Twitter.  

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