CONTACT:
Rob
Goss, Executive Vice President
(630) 515-0170, ext.
460
rob@lifequotes.com
LifeQuotes.com Explains How the
COVID-19 Pandemic is Affecting Life Insurance Markets; Handy
Tips for Owners and Shoppers of Life Insurance
- There is no "pandemic" exclusion in life
insurance, death by coronavirus is covered for existing
policyholders
- Life insurance rates remain at all-time lows
- No-exam plans soar in popularity as insurers
drop the medical exam requirement
- Market tightens for diabetics, medically
impaired and older applicants & foreign travelers but
coverage is still available at great rates
- Doctors, nurses, healthcare workers, residents
of hard-hit New York and New Jersey get same low rates as
everybody else - for now
Westmont, Illinois (April 10, 2020) –
LifeQuotes.com, the life insurance price comparison service
that offers anonymous, comparative rate quotes and
underwriting acceptance information on 43 highly-rated life
insurers and allows customers to buy from any company shown,
today released the results of a new life insurance survey that
details current changes in the life insurance marketplace as a
result of the deadly COVID-19 pandemic.
"We have some important news to share with the owners
and shoppers of life insurance in this unprecedented time,"
said LifeQuotes.com CEO, Robert Bland. "This is an excellent
time for owners of life insurance to review and understand
what they own and for shoppers to realize that restrictions on
new policies could become permanent and/or more restrictive.
If you are thinking of buying a new life insurance policy,
life insurance remains readily available and that prices are
at all-time lows."
Of interest to owners of life insurance
Rob Goss, Executive Vice President, remarked, "We urge
owners of life insurance to take the time and effort to review
their current policies and to make sure that the policy
amount, beneficiary designation, time left on rate guarantee
and any possible conversion rights are known and understood."
"Some states are allowing policyholders to defer payment
of insurance premiums if they have been negatively impact
financial by the COVID-19 pandemic, so check with your State
Insurance Department," continued Goss. "If you have been laid
off and are unemployed, check with your HR department to see
if your group term life coverage ended with your layoff."
Having an adequate amount of life insurance inforce is
important and everybody's situation is unique. Here are some
generalized LifeQuotes.com guidelines:
- For people who work and have children or a mortgage:
10-15 times income
- For home caregivers: $300,000 minimum
- For burial-only coverage: $10,000-$25,000
- For children up to age 18: Up to $25,000
Great prices are readily available if you are shopping
for life insurance
Assuming no ratable health conditions, the following
chart of sample monthly premiums below reveals the best
possible monthly prices for a 10 year level term life policy.
Most 10 year term life policies are renewable, without
evidence of insurability, to age 90+ and may be convertible to
permanent insurance without having to undergo further
underwriting. Other initial rate guarantee periods such as 15,
20, 25, 30 years and longer are also available as are
Guaranteed Universal Life and Whole Life, both of which can
provide a level death benefit and level premium for life.
| Sample 10 Year Term Life
Insurance Rates |
| Female Monthly Rates |
|
Male Monthly Rates |
| Age |
$100,000 |
$250,000 |
$500,000 |
$1,000,000 |
|
Age |
$100,000 |
$250,000 |
$500,000 |
$1,000,000 |
| 21-35 |
$7 |
$9 |
$12 |
$15 |
|
21-35 |
$7 |
$10 |
$14 |
$19 |
| 40 |
$8 |
$11 |
$16 |
$22 |
|
40 |
$9 |
$12 |
$17 |
$23 |
| 45 |
$10 |
$15 |
$25 |
$39 |
|
45 |
$11 |
$17 |
$27 |
$45 |
| 50 |
$13 |
$20 |
$35 |
$58 |
|
50 |
$15 |
$25 |
$43 |
$71 |
| 55 |
$17 |
$30 |
$52 |
$92 |
|
55 |
$20 |
$39 |
$70 |
$125 |
| 60 |
$24 |
$41 |
$74 |
$137 |
|
60 |
$29 |
$59 |
$124 |
$212 |
| 65 |
$34 |
$65 |
$122 |
$223 |
|
65 |
$53 |
$103 |
$194 |
$365 |
| 70 |
$59 |
$106 |
$199 |
$366 |
|
70 |
$87 |
$196 |
$328 |
$598 |
Each of the sample premiums shown assume that the applicant is
in good health and has no ratable medical issues. Applicants
with medical issues can also view instant quotes at rate.lifequotes.com. Customers who want
telephone advice and guidance can talk to our licensed
specialists by calling (800) 556-9393.
COVID-19 pandemic changes that are affecting life
insurance shoppers
"In recent days we've seen a significant number of
acceptance guideline changes that life insurance shoppers
should know about," remarked Michelle Zieba, Sales Vice
President. "The elimination of the medical exam requirement by
some insurers is an overall plus for consumers, but the
tightening of certain other acceptance guidelines by some
insurers can make life insurance harder to obtain."
On the issue of the "pandemic" exclusion that's often
seen in articles about insurance, LifeQuotes wants you to know
that such an exclusion, while common in business insurance
policies, is not generally seen in life insurance policies.
Life insurance typically covers death by any cause at any time
in any place, except for suicide within the first two policy
years (one year in some states).
Zieba continued, "Noteworthy life insurer actions we've
recorded in recent days from some insurers include the
following items, while many others have not yet announced
adjustments:"
- Availability up to $3 million on a no-exam basis
- Some insurers are declining applicants who have
recently or plan to travel outside the United States
- Some insurers are declining applicants who are
significantly overweight
- Acceptance after a positive test for COVID-19 is
possible after a 14-day delay period and receipt of an
attending physician statement stating the virus has been
cleared
- Some insurers are requiring a signed Statement of
Good Health on the date policy is delivered
- Some insurers will no longer underwrite applicants
who are age 70 or above
- Some insurers are declining applicants who have
serious medical issues
- Some insurers have withdrawn temporary or conditional
coverage agreements, which means no immediate coverage until
after the formal application is approved
"While it is exciting to see several insurers drop their
medical exam requirements, underwriting still looks at all
aspects of your health history and that those guidelines,
including the financial and activity guidelines, have not been
relaxed," said Zieba. "If you have medical conditions, you can
view customized quotes for yourself on an anonymous basis at rate.lifequotes.com and our licensed
specialists are available by phone at 800-556-9393 to guide
you or give advice. There still remains in the marketplace a
wide variety of plans at excellent rates, including plans that
ask no medical questions."
Past Accolades
- "2017 Life Insurance Innovation" award winner... Life
Insurance Direct Marketing Association
- "The premier Web site in terms of details and ease of
use..." -- Yahoo! FINANCE
- Twice Ranked #1 life insurance website by Kiplinger's
- Named a "100 Most useful website" by MSN
Money
- Past Winner: Forbes' "Best of the
Web"
- "The best web site I've found..." --
Dallas Morning News
- "...we'd recommend you do your insurance shopping
here..." -- Barron's
- "...outstanding - as good as a Web site on insurance
can possibly be. Hats off and a gold star to the top
insurance site on the Web." -- Insurance for
Dummies
About Life Quotes, Inc.
LifeQuotes.com operates an Internet-based life insurance
exchange at rate.lifequotes.com in which customers can
view instant quotes on an anonymous basis and buy from the
company of their choice on a paperless basis. The company's
comparative rater is unique in that is reveals underwriting
guidelines so that life insurance applicants can have a higher
confidence in the most likely final premium. The company also
provides technology and fulfillment services to insurance
companies, financial institutions and affinity groups with
large customer bases. The company's proprietary technology
provides instant quotes and illustrations from 43 leading life
insurers and enables a streamlined paperless purchase process.
More than 370,000 people have purchased policies through
LifeQuotes.com since the firm's founding in 1984. Visit lifequotes.com
for more information or to experience the life insurance
quoting experience online.
Survey Methodology
Life insurance policies described, quoted, shown and
illustrated throughout this press release may not be available
in all states. Policies examined include American Family Life
Insurance Company, Madison, WI, policy form ICC14-LD10001;
American National Insurance Company, Galveston, TX, policy
form ART 12; Assurity Life Insurance Company, Lincoln, NE,
policy form I L1702; Banner Life Insurance Company, Urbana,
MD, policy form ICC08-LIA, and William Penn Life Insurance
Company, Garden City, NY, policy form LIA-WP, both Legal &
General America companies; Foresters Financial of Toronto,
Canada, under form ICC16 770620; Lincoln Life & Annuity
Insurance Company of New York, Syracuse, NY, policy form
LEF06321-18_7-10, and The Lincoln National Life Insurance
Company, Fort Wayne, IN, policy form LEF06321_5-12, both
insurance company affiliates of Lincoln National Corporation,
whose marketing name is Lincoln Financial Group; John Hancock
Life Insurance Company (U.S.A) of Boston, MA 02117, on policy
form number ICC16 2016TERM and John Hancock Life Insurance
Company of New York, Valhalla, NY 10595, Minnesota Life
Insurance Company and Securian Life Insurance Company of St.
Paul, MN under policy number F76777-15; Pacific Life Insurance
Company of Newport Beach, CA, policy form P16YLT. North
American Company for Life & Health Insurance, Chicago, IL,
policy form LS174; Penn Mutual Life Insurance Company of
Horsham, PA, under policy form ICC13-LT; Principal Life
Insurance Company of Des Moines, IA, under policy form ICC17
SN 104; Protective Life and Annuity, Birmingham, AL, policy
form TI-15; Pruco Life Insurance Company of New Jersey,
Newark, NJ, policy form ORD 96200-2010, member companies of
Prudential Financial, Inc., Newark, NJ; Sagicor Life Insurance
Company of Scottsdale, AZ under form number 1000; The Savings
Bank Mutual Life Insurance Company of Massachusetts, Woburn,
MA, policy form A91-OSV (SBLI and The No Nonsense Life
Insurance Company are registered trademarks of The Savings
Bank Mutual Life Insurance Company of Massachusetts;
Transamerica Life Insurance Company, Cedar Rapids, IA, policy
form 1-304 11-107, both AEGON companies; United of Omaha Life
Insurance Company, Omaha, NE, policy form LAP1099, a Mutual of
Omaha affiliate company.
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