- Instant decision, no-exam plans soar in popularity
- Market loosens for life insurance applicants age 60+
- Good news for applicants with medical conditions, foreign travelers
DARIEN, Illinois (June 23, 2021) – LifeQuotes.com, the award-winning life insurance platform that offers instant, comparative rate quotes from 40 highly-rated life insurers and allows customers to buy from the company of their choice, today released the results of a new life insurance survey that confirms COVID-related underwriting restrictions imposed in 2020 are being peeled back, which is great news for life insurance shoppers.
“We have some important news to share with life insurance shoppers,” said LifeQuotes.com vice president, Michelle Zieba. “We’re delighted to see temporary COVID-related underwriting restrictions being lifted by major U.S. life insurers. This is an excellent time for owners of life insurance to review their policies and for life insurance shoppers, especially those with medical conditions and those over age 60, to take advantage of these great rates and the selection that our comparative rater has to offer.”
Great prices are available if you are shopping for life insurance
The following chart reveals the best monthly prices for a 15-year level term life policy. Most 15-year term life policies are renewable, without evidence of insurability, to age 90+ and may be convertible to permanent insurance without having to undergo underwriting. Other initial rate guarantee periods such as 10, 20, 25, 30 years and lifetime are also available for viewing at www.lifequotes.com. The LifeQuotes comparative rater shows term life, Guaranteed Universal Life, Whole Life and Final Expense Life on every quote request, thus greatly simplifying the life insurance shopping process.
| Sample 15 Year Term Life Insurance Rates |
|---|
| Female Monthly Rates |
| Age | $100,000 | $250,000 | $500,000 | $1,000,000 |
| 21-35 | $7 | $10 | $15 | $21 |
| 40 | $9 | $13 | $20 | $33 |
| 45 | $11 | $17 | $28 | $50 |
| 50 | $15 | $24 | $41 | $74 |
| 55 | $20 | $33 | $59 | $110 |
| 60 | $29 | $52 | $95 | $181 |
| 65 | $45 | $89 | $164 | $304 |
| 70 | $73 | $157 | $285 | $559 |
| Sample 15 Year Term Life Insurance Rates |
|---|
| Male Monthly Rates |
| Age | $100,000 | $250,000 | $500,000 | $1,000,000 |
| 21-35 | $8 | $11 | $16 | $25 |
| 40 | $9 | $13 | $20 | $34 |
| 45 | $13 | $21 | $36 | $65 |
| 50 | $18 | $25 | $54 | $95 |
| 55 | $25 | $46 | $85 | $151 |
| 60 | $38 | $76 | $143 | $250 |
| 65 | $67 | $136 | $258 | $436 |
| 70 | $105 | $248 | $475 | $843 |
Each of the sample premiums shown above assume that the applicant is in good health and has no ratable medical issues. Applicants with medical conditions can also view instant quotes at www.lifequotes.com. Customers who want telephone advice and guidance can talk to our licensed specialists by calling (800) 556-9393.
Zieba continued, “If you have pre-existing medical conditions, the desktop version of our comparative rater makes it fast and easy for you to view customized quotes on an anonymous basis and get help from our licensed specialists if you have questions. Our comparative rater offers a wide variety of plans at excellent rates, including plans that ask no medical questions up to $75,000 of coverage. No-exam coverage is available up to $2.5 million.”
Of interest to owners of term life insurance
Owners of term life insurance are reminded that their policy may contain a conversion feature that grants them the right to convert all or part of their term life plan into a more permanent plan of insurance without any health questions or medical exams. Zieba continued, “We urge owners of term life insurance to take the time to review their current policies to see if they have the right to convert to a lifetime policy or to call us at 800-556-9393 so that we can do the research for them for free.”
Having an adequate amount of life insurance in-force is important, yet everybody’s situation is unique. Here are some generalized LifeQuotes.com guidelines:
- For people who work and have children or a mortgage: 10-15 times income
- For home caregivers: $300,000 minimum
- For burial-only coverage: $10,000-$25,000
- For children up to age 18: Up to $25,000
