Why now is the best time to buy life insurance

When creating this guide, we are in a worldwide declared pandemic. A lot is changing in our daily lives and as of now, there are more questions than answers. However, we’ve noticed several subtle changes amongst carriers and wanted to share with you why now is the best time to buy life insurance.

We’ve divided the reasons into 5 separate categories we believe will be impacted the most by the “new normal”.

5 reasons why you should buy life insurance NOW

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magnifing glass with the words life insurance

Companies are focusing on non-medical exam life insurance policies

Life insurance companies want to ensure that they are attracting more clients while rating appropriately for the risk. They realize that a policy without a medical exam is more convenient for their clients and could save the company the additional expenses of an exam. No-med policies are typically issued faster in comparison to a policy with an exam. This is a win-win for the clients and the carriers. 

In other words, you are able to secure a life insurance policy much faster and without ever leaving the comfort of your home.

More and more carriers are loosening up their accelerating guidelines

One of the types of no medical exam policies is accelerated underwriting products. If you apply for an accelerating underwriting, the company would review your application, run a third party check and based on the results will determine if a medical exam is required or they can waive it. It is solely case by case basis. However, we’ve received announcements from several companies that due to the declared pandemic because fo COVID-19, they are “loosening up” their accelerated guideless. They strive to get more clients the coverage they need and make it as easy as possible.

With less strict guidelines by some carriers, you can secure a large face amount policy at preferred rates. 

Keep in mind that accelerating underwriting does not always equal a no medical exam policy.

The trend in tightening guidelines for certain age group

As agents, it is really interesting to us to see how our different carriers responding to the current situation. While a group of companies is trying to get a larger market share and attract more customers, others are tightening their guidelines. We’ve received an announcement from a large insurance carrier that they are postponing sales to clients over the age of 70 due to the current outbreak. They are also postponing applications for clients over the age of 50 with underlying medical conditions.

Another company has announced that they are suspending the sale of their 30-year term products.

We believe that other carriers would follow suit and adjust their underwriting procedures.

This is why it more crucial than ever to work with an independent agent, who is up to date with the changes in the insurance industry and can help you navigate and select the best product and carrier for you.

The industry is anticipating changes in options and prices

We understand that at some point, everything will return back to “normal” and many of the restrictions we face today will be lifted. However, this situation will leave a mark in the insurance industry and many companies will re-consider their products and pricing strategies. As we mentioned, some companies are suspending the sale of longer duration term policies. We believe that this is just a signal of what others might do.

Lock in the all-time low insurance rates

Life insurance rates are at an all-time low. This makes it the best time to buy life insurance, not to mention that premiums are based on your age and health. In other words, without any other changes, older we get, more expensive our policies will be.

In conclusion,

We understand that buying life insurance is not something that excites most people. However, it is peace of mind that your family will be taken care of should something happen to you. In addition, it has never been easier or more affordable to buy life insurance. It is time to act now, and secure a policy. 

We hope you find this helpful. Please feel free to reach out to us, should you have any additional questions.

Thank you