Life is uncertain–that’s why it’s important to have your financial paperwork in order including getting ample life insurance. You already know that getting life insurance will give your loved ones some financial protection in case you pass unexpectedly.
Given recent news that a global pandemic is here, the world can feel scary and uncertain. If you’re wondering whether or not life insurance is crucial at this time, the answer is it’s important to consider at any time, but it feels especially important given the worldwide health crisis like the COVID-19.
The question is how life insurance companies will respond to all this. Even though applying now may be more complicated for some companies, it’s not a bad idea to try. Make sure you make it clear that you tell the truth in your application and limit your exposure (and convey that in your application if you can).
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What are the Best Options for Life Insurance During a Pandemic?
As with any financial product or service you’re looking to purchase, it’s a good idea to shop around. That’s because policies (what is covered and what’s not) will differ from company to company. Even ones that offer similar policies may differ in price.
Consider if you’re looking at life insurance at a time like this, know that companies may be reassessing their policies and underwriting (how insurance companies assess risk).
While there are plenty of options, given that during pandemics we’re probably required to stay inside, finding life insurance companies that are completely online will be your best option at the time.
Here are a few companies to consider:
Policygenius is an online insurance broker that helps applicants search for life insurance policies that are the right fit. When you head to their website, you simply fill in a form with some basic personal information which includes your name, age and some simple health-related questions. Then it’ll populate a list of insurers and policies you may qualify for. If you see one you like, click on the appropriate link and Policygenuis will redirect you to the insurer’s website to continue the application process.
What’s great about Policygenius is that you can comparison shop within minutes and in the comfort of your own home.
Bestow is a company that operates completely online. You can get term life insurance coverage between $50,000 and $1 million for two, 10 and 20-year terms. Policies start at $5 a month, but will depend on factors such as your age, gender and lifestyle habits.
To start, you can receive a quote within seconds and complete the application process completely online. Because the underwriting is powered by AI, you do not need to go through a medical exam. That means you could apply and receive a policy within minutes, as long as you are approved.
Read more: Bestow Review – Real Life Insurance Rates
Health IQ is a life insurance brokerage company that rewards people for their healthy lifestyle choices by offering lower premiums for people who exhibit healthy behaviors. This brokerage has partnered up with 35 life insurance companies to help those who are considered healthy get reduced premiums by using data from multiple scientific studies.
For example, you’ll get perks for managing your pre-existing conditions well, being on a low-carb diet and being an endurance athlete. When applying for a policy you’ll complete an online quiz to see if you qualify, then complete an at-home medical exam. Then you’ll need to complete a series of steps such as a health literacy quiz and proof of your lifestyle before picking a policy.
Sproutt is another life insurance marketplace that tries to reward healthy individuals with lower rates. To accomplish this, the Sproutt team developed the Quality of Life Index (QL index) that evaluates your overall health by looking at five different factors: movement (exercise), sleep, emotional health, nutrition, and balance.
After completing Sproutt’s GAIA (Guided Artificial Intelligence Assessment), you’ll be assigned a QL index score. You’ll also receive recommendations on how to raise your score. The higher your score, the better chance you’ll have of finding a fantastic rate on life insurance.
Sproutt can shop both term and whole life insurance policies for you. Term policies can be purchased completely online while whole life policies can be shopped over the phone with a Sproutt advisor. Terms range from five to thirty years with policy sizes ranging from $50k to $3 million. The platform is completely free to use and no-medical-exam-policies are available.
If you’ve got an existing health condition or aren’t as healthy (such as someone who is considered overweight or has diabetes), Leaplife may be for you.
This online insurance brokerage has partnered up with 15 carriers to help provide you with instant decisions on no-medical exam life insurance policies. You can also speak with a licensed life insurance agent that can help you sort through your needs.
Who is Life Insurance For?
Life insurance is for anyone who has others who rely on their income. For example, many parents or spouses opt to take out life insurance policies since there are other people who may need their paycheck to pay for expenses. Many who are single even consider it since someone will have to foot the bill for funeral expenses–think of parents or other relatives who may not be able to shoulder the costs.
Related: The Ultimate Guide to Life Insurance
Frequently Asked Questions
Related: Ladder Life Review: Design a Laddered Approach to Your Life Insurance
Getting life insurance is vital at any time, but especially when the world feels so uncertain, many are thinking of getting a policy now. While it’s understandable that you want to get covered quickly, it’s still important that you take some time to compare your options.
Learn More: Best No Medical Exam Life Insurance