Life Quotes, Inc. News Release - 12/28/2020
CONTACT:
Robert
Bland (630) 515-0170, ext. 101
bob@lifequotes.com
LifeQuotes.com: Instant Decision Life
Insurance Plans Rise in Popularity; Say Goodbye to Medical
Exams, Paperwork, and Time Delays
- Instant decision term life insurance plans now
available up to $1 million
- Life insurance rates remain at all-time lows
despite COVID-19 pandemic
Westmont, Illinois (December 28, 2020) –
LifeQuotes.com, the online life insurance brokerage that
offers comparative quotes from 40 leading life insurers and
allows customers to purchase from the company of their choice,
today announced the debut of an "Instant Decision" selector on
the desktop version at rate.lifequotes.com that enhances the
online shopping experience by revealing those life insurers
who offer instant decision underwriting. The new feature is
available on the company's desktop platform.
"When they talk about accelerated underwriting and how
modern technology can benefit life insurance shoppers, instant
decision is as fast as it gets," said LifeQuotes.com CEO,
Robert Bland. "The new instant decision life insurance plans
are ushering in a new era of speed and convenience for life
insurance shoppers, which is innovation we welcome."
Life insurance above $100,000 typically require a
paramedical interview, which is a face-to-face interview with
a technician that is licensed to draw blood. The typical
paramedical interview entails answering application questions,
measuring height and weight, and taking blood and urine
samples for laboratory analysis. Conversely, instant decision
underwriting entails a computerized assessment of the
application combined with outside records in order to make an
underwriting decision.
Michelle Zieba, vice president, remarked, "We've
combined the technology of our award-winning, 40-company
rating engine with the instant decision technology of certain
life insurers to come up with an exciting win-win for our
customers. Historically, shopping for life insurance has been
a laborious, time-consumer chore, but we've changed all that.
Now, life insurance shoppers who visit rate.lifequotes.com can
view instant quotes and buy from their choice of several
instant-decision insurers."
Handy tips for life insurance shoppers
Zieba cautions that instant decision plans may not be
for everybody. "Because the instant decision underwriting
technology is new and evolving, these plans tend to accept
applicants who are in good health with no serious medical
histories or hazardous activities. For example,
well-controlled diabetics could get accepted. Because we
publish actual underwriting guidelines on our platform, life
insurance shoppers will know the acceptance rules before they
apply."
Zieba cautions that the instant decision plans above
$100,000 might not accept applicants with the following
characteristics and that such applicants "would have a higher
success at achieving a low rate by volunteering for a
paramedical interview."
For those seeking to apply for an instant decision life
insurance policy, LifeQuotes.com has prepared the following
list of generalized guidelines based upon its experience with
the new instant decision plans:
- No serious illness history
- No pending medical procedures prescribed that have
not yet been completed
- No current history of chronic anxiety but a past
temporary bout of anxiety might be acceptable
- No current prescription drug use for any serious
medical condition, except for mild hypertension or elevated
cholesterol
- No history of opioid prescriptions
- No driving tickets or accidents within the past 3
years, no DUI within the past 5 years
- No driving tickets or accidents within the past 3
years, no DUI within the past 5 years
- No plans to visit any foreign countries that are on
the State Department Warning List
- Applicants above age 50 should have a regular
physician and a history of regular checkups over the most
recent 24 months
- No recent hospitalization due to COVID-19 and no
history of requiring a ventilator
Having an adequate amount of life insurance in place is
important and everybody's situation is unique. Here are some
LifeQuotes.com guidelines:
- For people who work and have dependents, children or
a mortgage: 10-15 times income
- For home caregivers: $300,000 minimum
- For burial-only coverage: $10,000-$25,000
Instant decision term life plans are now value-priced
The chart of sample monthly premiums below reveals the
best possible monthly prices for a 10-year, instant decision
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.
Instant Decision Sample Rates,
10 Year Term |
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 |
20-35 |
$8 |
$12 |
$13 |
$23 |
|
20-35 |
$9 |
$10 |
$15 |
$25 |
40 |
$10 |
$11 |
$15 |
$30 |
|
40 |
$10 |
$12 |
$19 |
$33 |
45 |
$11 |
$16 |
$39 |
$45 |
|
45 |
$13 |
$17 |
$28 |
$51 |
50 |
$14 |
$24 |
$39 |
$73 |
|
50 |
$17 |
$28 |
$49 |
$87 |
55 |
$19 |
$33 |
$54 |
$101 |
|
55 |
$23 |
$41 |
$73 |
$135 |
60 |
$26 |
$52 |
$98 |
N/A |
|
60 |
$40 |
$75 |
$158 |
N/A |
65 |
$74 |
$88 |
$170 |
N/A |
|
65 |
$66 |
$124 |
$275 |
N/A |
70 |
$97 |
N/A |
N/A |
N/A |
|
70 |
$185 |
N/A |
N/A |
N/A |
Instant Decision Sample Rates, 20
Year Term |
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 |
20-35 |
$11 |
$18 |
$18 |
$35 |
|
20-35 |
$11 |
$14 |
$22 |
$41 |
40 |
$12 |
$15 |
$24 |
$50 |
|
40 |
$14 |
$17 |
$27 |
$60 |
45 |
$17 |
$22 |
$39 |
$76 |
|
45 |
$17 |
$28 |
$49 |
$100 |
50 |
$21 |
$37 |
$65 |
$119 |
|
50 |
$25 |
$42 |
$79 |
$162 |
55 |
$30 |
$56 |
$95 |
$175 |
|
55 |
$39 |
$67 |
$129 |
$238 |
60 |
$49 |
$105 |
$212 |
N/A |
|
60 |
$71 |
$151 |
$309 |
N/A |
65 |
$74 |
$171 |
$335 |
N/A |
|
65 |
$111 |
$244 |
$530 |
N/A |
Instant Decision Sample Rates, 30
Year Term |
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 |
20-35 |
$14 |
$21 |
$34 |
$61 |
|
20-35 |
$16 |
$24 |
$35 |
$73 |
40 |
$17 |
$27 |
$48 |
$89 |
|
40 |
$22 |
$33 |
$60 |
$112 |
45 |
$23 |
$39 |
$71 |
$135 |
|
45 |
$30 |
$47 |
$90 |
$176 |
50 |
$36 |
$70 |
$125 |
N/A |
|
50 |
$47 |
$94 |
$168 |
N/A |
55 |
$56 |
$112 |
N/A |
N/A |
|
55 |
$75 |
$151 |
N/A |
N/A |
The sample premiums shown above assume that the applicant
is in good health and has no ratable medical issues. Applicants
with pre-existing medical issues can view instant quotes at
rate.lifequotes.com. Customers who want quotes and advice by phone
can talk to our licensed specialists by calling (800) 556-9393.
Past Accolades for LifeQuotes.com
- 92,000 customers award 4.64 Star Ratings: https://rate.lifequotes.com/liferequest/customerReview.jsp
- "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 LifeQuotes.com
LifeQuotes.com is an online insurance broker that caters to
self-directed life insurance shoppers at rate.lifequotes.com. The
company's innovative technology allows customers to view
continually-updated quotes on an anonymous basis and buy from the
company of their choice on a paperless basis. The company's
comparative rater also reveals underwriting guidelines for
improved accuracy. The company also provides fulfillment services
to insurance companies, financial institutions and affinity
groups with large customer bases. More than 380,000 people have
purchased policies through LifeQuotes.com since the firm's
founding in 1984.
Survey Methodology
Life insurance policies described, quoted, shown and
illustrated in this press release may not be available in all
states and certain terms may vary by state where required by
state law. The supplemental policies described provide limited
benefits and are NOT comprehensive health insurance or major
medical insurance and they do NOT satisfy a person's individual
obligation to secure the requirements of minimum essential
coverage under the Affordable Care Act (ACA). For more
information about the ACA, refer to http://www.HealthCare.gov.
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. Copyright 1984-2023 Life Quotes, Inc.
All rights reserved.
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