Over the last few weeks the Coronavirus pandemic has resulted in major sell-offs on Wall Street.
While we hope to see things rebound as quickly as possible, some of us our searching for a safety net while the market recovers.
During times of volatility, life Insurance can provide a stop-gap while the stock market rebounds. This article explains how to purchase a policy that covers any cause of death and doesn’t require a medical exam.
Quick Article Guide:
1. What Is Term Insurance and How Does it Work?
2. Buying No Exam Term Life Insurance Online
3. How To Use Life Insurance As A Stop-Gap
4. Using Life Insurance to Protect Your Income
5. Sample Rates for Life Insurance without an Exam
6. Can I Still Buy Coverage? COVID-19 Updates
7. How We Can Help You Find An Affordable Policy
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A Brief Overview of Term Life Insurance
Term life insurance is the least expensive type of life insurance that covers any cause of death – even Coronavirus. With a term policy, your death benefit and premiums are guaranteed for a set number of years. During this period, the insurer cannot decrease your coverage or increase your rates.
Most life insurance providers offer 10, 15, 20, 25, and 30-year terms, depending on the applicant’s age. While these policies are not intended to provide permanent life insurance protection, they can be invaluable if you pass away before while your loved one’s still depend on your income.
For this reason, term insurance is commonly used to secure business debt or a mortgage. A policy can also provide your loved ones with an income if you pass away before you reached your planned retirement age. Life insurance can even be used as a stop-gap during an economic downturn.
How To Buy A Life Insurance Policy Online or Over the Phone
Buying an affordable life insurance policy has never been easier. Dozens of top-rated providers are now offering term and permanent life insurance coverage without a medical exam. Most of these policies also offer accelerated underwriting for a quick approval process.
If you are young and healthy, you can take advantage of a company like “A+” rated Bestow that offers life insurance online in less than 20 minutes. Applicants that are over age 50, or have health issues, will want to shop the market to find their best option.
Companies like Banner, Sagicor, and SBLI specialize with applicants who are considered to be a higher risk for life insurance. These policies can be purchased over the phone, and depending on your age and the amount of coverage you need, you might be able to avoid an exam.
To learn more about no exam life insurance, or obtain an accurate quote based on your health, call us today at 855-247-9555. We’re here to help you find your best option with or without a medical exam.
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How Life Insurance Can Protect Your Family During an Economic Downturn
Throughout our lifetime’s we’ve seen the stock market boom and bust. In the last decade alone, we’ve seen our market crash at least five times. Change is inevitable. This is one of the reasons that breadwinners often decide to purchase life insurance as a financial safety net for their family.
If your stock portfolio has declined, does your spouse still have enough money to support themselves? Could your loved ones continue living their current lifestyle if you were no longer around? If the answer to either of these questions is “No,” you might want to consider a life insurance policy.
To provide a stop-gap for your family while the market recovers, a 10-year term should be sufficient. However, most people purchase their coverage around a major life event. Some examples might include; paying off the mortgage, reaching retirement, or your children graduating from college.
Using A Life Insurance Policy to Financially Protect Your Family
To determine the best term length for your situation, estimate how many years you think it will be until you are able to retire, and purchase a term that meets or extends past this timeline. Remember most life insurance providers offer 10, 15, 20, 25, and 30-year term policies.
Here’s A Few Examples:
Current Age: 41
Planned Retirement Age: 64
Recommended Term: 25 Years
Current Age: 52
Planned Retirement Age: 66
Recommended Term: 15 Years
Current Age: 38
Planned Retirement Age: 65
Recommended Term: 30 Years
The idea is that by the time we decide to retire, our children have moved-out and our major debts have been paid-off. At this point, most us of won’t need life insurance. But, if you think you’ll have debt or dependents after you plan to retire, a longer term may be necessary.
Most life insurance providers offer term policies that extend until the age of 80, and permanent coverage is also available. Many term life insurance policies also offer conversion options which allow you to convert your term into lifetime coverage.
If you need help determining your best option, give us a call for a free needs analysis with one of our experts. Toll-Free: 855-247-9555. You can also request a free instant quote online if you’re not ready to speak with someone.
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Sample No Exam Term Life Insurance Rates
Below we’ve provided some actual term life insurance rates by age and gender. These rates do not require a medical exam for approval are they are available to qualified non-smokers in excellent health. After the age of 60, taking a medical exam will save you a considerable amount of money.
*Displayed monthly rates are accurate as of 04/06/2020 and provided for illustrative purposes only.
*Displayed monthly rates are accurate as of 04/06/2020 and provided for illustrative purposes only.
Life insurance rates are determined by a number of factors including the applicant’s overall health, age, gender, hobbies, family medical history, and occupation. To obtain an accurate quote based on your risk profile, please give us a call to speak with a licensed agent.
Is It Too Late To Buy A Life Insurance Policy?
As of April 3rd, you can still buy life insurance. And, once your policy is active, your beneficiaries are covered. Some companies are also offering life insurance online or over the phone. These policies do not require a medical exam and most applications are approved within a week or two.
Here is a current list of life insurance providers that are still offering policies without a medical exam:
*Company offerings are subject to state availability, can change at any time without notice, and are provided for illustrative purposes only.
Please note: Some life insurance providers are beginning to require a statement of good health with each approval. For the latest updates on the life insurance and COVID-19, please see our recently updated article: “Life Insurance Updates on the Coronavirus.”
By asking you a few questions about your health and coverage needs, our experts can quickly identify your best options saving you time and money. Give us a call today. Toll-Free: 855-247-9555.
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How JRC Can Help You Find Your Best Option
Our independent agency represents more than 50 highly-rated life insurance providers to help our clients save time and money. Every life insurance company sets their own underwriting guidelines and rates, by having access to each company’s
There is no cost to apply for life insurance and our impartial shopping services are free. To learn more about your options for life insurance, or to obtain an accurate quote, give us a call today at 855-247-9555. You can also request a free quote online using our form below.
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