Term Life Insurance During Covid-19
Term life insurance during Covid-19 has been negatively affected.
The coronavirus pandemic, like with most industries, is heavily impacting the life insurance company sector.
Many life insurance companies have cut back issuing most types of life insurance policies during these times. There are limitations on issuing certain types of policies. There are many fully underwritten term life insurance options that are paused or frozen.
Hopefully, things will open up again during the coming months and we will see a little bit of wiggle room but most of those remain frozen right in terms of new policies.
Simple Issue Term Life Insurance Policies During Covid-19
Simple issue term life insurance policies are actually still being issued by insurance companies during the Covid-19 pandemic and there’s a big push on those because they present a smaller risk factor for the insurance companies that issue them.
We’re seeing numerous of approvals on simple issue term life insurance policies because again, the fully underwritten policies are not going through.
There are two great options on the simple issue term life insurance policies. One option is that we have access to a company that gives the lowest pricing in the country for simple issue term life insurance policies that can go up to $400,000 in coverage.
The catch is that you have be pretty darn healthy to get approved for that type of policy. That means you are limited to three or less prescription medicines. You cannot have a moderate or major medical diagnoses. Diabetes is totally fine as long as there’s are no insulin injections. You are allowed to take pills for that condition.
You don’t have to have an ideal height and build, but you have to be moderately close to ideal in terms of height and weight.
If you think that you match that criteria and your interested in a term life insurance policy, you can give us a call on that.
Return of Premium Life Insurance Policies
Now there’s another route to take with a simple issue term life insurance policy and that is a return of premium term life insurance policy.
To qualify for this type of policy your health must pass the criteria noted above for a simple term life insurance policy. However, that type of policy will cost 30% more, possibly 40% more depending upon your age.
With a return of premium life insurance policy, when you get to the end of the term (typically it’s 30 years), you get all of your money back, all the money that you paid over those 30 years; every penny that you’ve paid into the policy. They send you a big check.
That’s a great option as well. We encourage you to look at both of those, consider both of those. But step one is get a quote and have a conversation about them with one of our agents.
Call us up. Let’s see if you’ll qualify for those. Then we can run the pricing. If you do qualify for them, they are always going to be less expensive than whole life insurance because they do have a term, whereas whole life insurance doesn’t have a term. They go forever, but with smaller coverage amounts.
The return of premium I can go from $50,000 all the way to $400,000 for a simple issue, traditional term life insurance policy. Let us know how we can help you with those.You can request a meeting by emailing us at firstname.lastname@example.org or calling us directly at 928-325-0933.
Looking forward and stay safe.