People are increasingly rushing to get their finances in order not that we are in the midst of the Coronavirus crisis — doing things they probably should have done earlier — and many are making getting life insurance a priority. Case in point: Forbes recently published an article entitled, “Consumers Panic Shopping For Life Insurance.”
Erin Ardleigh, the brokerage founder of Dynama Insurance told FOX Business* that they are receiving calls from “a lot of people in their 20s, 30s, 40s and 50s.” Overall, demand is skyrocketing.
If you find yourself considering life insurance right now right, here’s what you need to know.
Some Life Insurance Policies Exclude Epidemics And Pandemics But Most Don’t
First, it’s important to know that not all insurance companies cover pandemics or epidemics. So don’t just go with any insurance company that comes recommended to you.
That being said, according to Ardleigh, a lot do. “When in doubt, you can always take a look at your policy or have someone who you trust to read it for you if it’s really overwhelming or you have any kind of exception or unusual clause in the policy itself.”
With that in mind, it is so important to shop around.
Use A Tool To Shop Around For Life Insurance
Policy Genius is a really great comparison tool when it comes to life insurance shopping. You can get free quotes from all the top companies to compare in one place. Weigh your options, choose an offer and apply for the policy through the insurance provider. Policy Genius says people can save up to 40% using it to compare quotes. Standing behind its ability to help people save, if you get approved for a policy you found through Policy Genius for a different rate than what you were quoted, Policy Genius will shop your offer around for you to see if another insurer can beat it. On top of that, Policy Genius is offering $100 to anyone able to find a better rate elsewhere.
If you have any questions while you’re shopping, you can speak with a Policy Genius expert any day of the week.
Travel History Can Cause Delays In Application Approval — But Only In Some Cases
Generally speaking, being a frequent traveler doesn’t exclude you from being eligible for a policy with any life insurance company. Still, given the current crisis, it’s important to note that insurance companies take into account travel to countries with known health crises, hostile governments and political instability. For the most part though, insurance companies are putting out the message that this current crisis isn’t going to impact someone’s approval.
If A Speedy Application Is Your Priority Here Are The Best Options
If you’re in good health, applying for life insurance should be relatively easy. If you want coverage fast, here are two life insurance companies you can get coverage with in a matter of minutes.
Designed for parents, by parents, Fabric really takes a holistic approach to protecting your family.
Not only is it possible to buy comprehensive and affordable life insurance from Fabric, you can also get help writing a lawful will for free and access to a digital vault where you can keep all of your family’s important financial and legal documents.
You can apply for life insurance with Fabric (without a medical exam) in 10 minutes and if you qualify, you can get an official policy offer on the spot. It offers 10, 15 and 20-year term policies, with coverage ranging from $100,000 to $5 million and premiums starting as low as $10 a month.
Ladder offers flexible life insurance policies that you can adjust as your financial obligations change over time, like expecting a child, buying a house or retirement. This can save you a lot of money over time, too.
You can apply for coverage with Ladder, no medical exam required, in just five minutes and get a decision instantly. Ladder offers terms of 10, 15, 20, 25 and 30-year terms, with coverage ranging between $100,000 and $8 million.
It has a price lock guarantee so your premium doesn’t go up as you age or if there are any changes to your health.