Posted on

QualityTermLife Is A Strong Supporter of Life Insurance Awareness Month

Roselyn
Roselyn Sánchez

Life insurance is a crucial part of any solid financial plan, but 41% of Americans say they don’t have sufficient life insurance coverage. That’s why Life Happens created Life Insurance Awareness Month (LIAM) and why QualityTermLife strongly supports efforts to promote the benefits of life insurance during September and all year long. For agents and advisors, LIAM is the perfect time to meet with your clients to make sure their life insurance coverage meets their needs.

This year’s LIAM spokesperson is Roselyn Sánchez, actress, producer, proud Puerto Rican, and mother. She is featured on many of the LIAM promotional materials available from Life Happens.

“Let’s educate people about the importance of life insurance so they can make that easy decision for their family,” Sánchez says.

LIAM provides a great opportunity for everyone to shine a spotlight on life insurance products and work towards improving those statistics. Many common consumer objections to purchasing life insurance (or purchasing enough) are either inaccurate or easily surmountable. These include:

  • It’s too expensive. You can see for yourself using an online life insurance quote engine just how affordable life insurance can be. It’s easy to shop and compare prices from dozens of A-rated companies for any budget.
  • They will buy it later. Purchasing life insurance early is often a good decision. Young and healthy people are generally able to get less expensive coverage. LIMRA found that nearly 40% of people who have purchased life insurance wish they had done so earlier.
  • They don’t understand the products. This is a fault of life insurance agents who confuse customer with options, like whole life and universal life, forms of permanent insurance. They are complicated and confusing. The truth is that Term Life insurance the right product for the vast majority of people: anyone with dependents, debt and minimal savings. It is straightforward to understand and easy to buy.
  • They are covered through work. While workplace plans are often an excellent benefit, most provide insufficient coverage to meet a family’s needs. Nice to have, but workplace plans are not intended to provide long-term financial protection for an employee’s family. Also, the plan ends when the employee should lose their job, get a new one, or retire.
  • It’s depressing. Many people are uncomfortable talking about providing for their families after they are gone. To the contrary, knowing that they are providing financial security for their loved ones puts consumers at ease. It is the responsible, adult thing to do.
  • They don’t want to take a medical exam.  Don’t worry. It is a very basic exam, quick and easy. A nurse will come to you to take your medical history, physical measurements, and diagnostic specimens. The insurance company pays the cost.

While life insurance is important every day of the year, QualityTermLife is proud to acknowledge September as Life Insurance Awareness Month, promoting life insurance for the benefit of families across the United States.

Posted on

3 Ways to Manage Your Personal Financial Risk

Man on rope risking losing his money to sharks massing below
Man on rope risks losing his money to sharks massing below

April marks the beginning of Financial Literacy Month, a time to not only celebrate but review your finances and take steps to improve them. 

To do this, you’ll first want to evaluate the state of your current finances. Then, consider how you can advance them. To help get you started on the right foot, be sure to read through these three ways to manage your personal financial risk before you head into April.

1. Invest in Life Insurance

A good-standing financial plan starts with life insurance, as it’s one of the only ways to ensure you and your dependents are protected in the event that you pass away. This is especially true for those of you who have a spouse, kids, struggling parents, or any other loved ones whom you look after with your finances. Having life insurance helps guarantee they’ll be taken care of no matter what, and that any debt, housing, or medical expenses are accounted for. 

Now, depending on certain variables such as your age, family, living situation, debt and financial goals, how much life insurance you’ll need may vary. Consequently, this may also affect which company and type of policy contract you sign up for. 

Generally speaking, a term life insurance policy — a plan that’s set for a specific period of time called a “term” — will suit most people’s needs. Regardless of it being 20 years or 30 years, a term life insurance policy is typically ideal, but don’t be afraid to explore your options with the experts at Quality Term Life. They also offer an online needs estimator so that you can know exactly how much life insurance is right for you.

2. Look Into Real Estate Investments

Owning a house can save you a lot of money in the long run, if done correctly. Aside from the intangible benefits — pride of ownership and a sense of stability — it also offers tangible benefits including equity and tax deductions. These advantages serve to support your finances over time. 

Still, owning a home is a huge undertaking and requires significant time and consideration. In comparison to leasing, homeownership is usually more expensive, even if the mortgage payment is less than the rent, due to factors like property taxes, water and sewer service, and trash removal. 

That’s why it’s important to ask yourself, “how much house can I afford,” before deciding on whether or not you want to buy a home or rent. Doing this will allow you to adequately assess your finances, find a home that’s within your price range, and help build your wealth down the line.

3. Maintain Sufficient Emergency Funds

Part of financial planning means preparing for the unexpected. Best-case scenario or worst-case scenario, it’s never a bad idea to have an added layer of financial security by making use of emergency funds. 

An emergency fund is meant to be just that — funds used for emergencies only. It’s not meant to be a secondary bank account that can be used at your leisure, but rather, a place to lock in additional funds you might need someday as you continue to deal with the unexpected throughout the course of your life. Whether it’s losing your job or having to pay for the medical bills of a sick child, building and maintaining sufficient emergency funds can allow you to weather the financial storm that comes from such events. 

That said, be sure to regularly add to this type of fund so that you can prepare for low impact and high impact financial issues. For best practice, try to maintain three to six months’ worth of living expenses in your emergency funds as this will make it easier to navigate through these unexpected circumstances, no matter how low or high the impact it may be.

Posted on

Life Insurance Policy Purchases At Highest Level Since 1983

Couple reviewing life insurance quotes
Getty

The global pandemic has Americans thinking about and buying life insurance.

Sales of U.S. life insurance policies increased 8% in the first six months of 2021, marking the largest year-over-year increase since 1983, according to LIMRA, an industry-funded research group.

“Following the record life insurance sales in the first quarter, most companies are reporting significant growth in premium and policy sales in the second quarter. Eight in 10 carriers reported positive premium growth including each of the top 10 carriers,” David Levenson, president and CEO of LIMRA, said in a statement.

Life Insurance Is On People’s Minds

Life insurance policies are at the top of consumers’ minds, with 36% of Americans saying they plan to buy life insurance this year, according to LIMRA.

“Covid-19 has raised consumers’ awareness about the importance of having life insurance,” Levenson said. “Nearly a third of consumers (31%) said they were more likely to purchase coverage due to the pandemic. This is so important because too many Americans live with a life insurance coverage gap, leaving their loved ones’ financial security at risk.”

Too many American families are not ready for an unexpected death, according to a survey of military members and civilians by USAA Life Insurance Co. In fact, Americans may be overconfident when it comes to financial preparedness.

Most survey respondents believe their family would be financially secure after they die. But when asked how long their family could afford basic living expenses if the primary breadwinner died, 40% say their family would not be able to meet financial obligations for more than a year.

“USAA recommends having enough life insurance to pay off all your debt and replace income for at least five years,” Brandon Carter, president of USAA Life Insurance Co., said in a statement.

Nearly half of Americans (47%) believe money is the most important thing to leave your family when you die. And 31% of Americans believe life insurance is the best way to pass down wealth in a family, according to USAA’s survey.

Less than half (46%) of Americans have no life insurance, according to USAA. And there may be a couple of reasons for this. Thirty percent of those surveyed said they believe it costs too much.

This is a tragic situation because life insurance is surprisingly affordable. The obvious solution to this misconception is to take a look at actual rates. Luckily, many websites , like QualityTermLife provide life insurance rate comparisons online.

Tips for Buying Life Insurance

Interested in buying a life insurance policy in 2021? Here are a few tips:

  • Buy your life insurance policy when you are healthy and young and can lock in a lower rate.
  • Having life insurance through your employer is almost always inadequate. Supplement it with an individual life insurance policy. This way you also maintain coverage when you switch jobs.
  • Determine the amount you need by using an easy-to-use needs calculator.
  • Comparison shopping can save hundreds of dollars each year on you life insurance. For example, you can compare rates from nearly 50 A-rated insurance companies getting free, online quotes at QualityTermLife’s website.

Posted on

September is Life Insurance Awareness Month: Kelly Rowland Urges Americans to Talk About Life Insurance

In partnership with Life Happens, Kelly Rowland talks family and financial security and the need for more life insurance conversation

Life insurance allows you to say to your loved ones, ‘I’ve got you,’

ARLINGTON, VA. Sept. 1, 2021 /PRNewswire


Life Happens launches its annual Life Insurance Awareness Month (LIAM) campaign with four-time Grammy award-winning singer, songwriter, producer, humanitarian and mother Kelly Rowland. Life Happens’ partnership with Kelly seeks to ensure Americans understand the value and comfort life insurance brings, so they can say to their loved ones: “With life insurance, I’ve got you.”

Kelly and her husband had always talked about life insurance, but it was an emotional conversation with a friend that prompted her to take action. As a mom of two, Kelly does anything to make her family’s lives better and more secure—life insurance is a crucial part of that. To support Life Happens’ annual LIAM campaign, Kelly will be helping to change the conversation about life insurance, so more people get the coverage and financial security they need.

“For me, having life insurance truly eases my heart and mind. It means that no matter what, my family can keep looking toward the future. It’s that feeling that with life insurance, I’ve got you,” said Kelly Rowland. “Life insurance is great, but the greatest thing we can give people is the information on what exactly it is and what it does for a family. That’s why my partnership with Life Happens is so important; it allows me to help spread an important message about financial security, as well as the facts about life insurance so families can get the coverage they need.”

For a lot of people, having life insurance comes down to information, they often don’t fully understand all that life insurance can do. Despite this, intent to purchase life insurance is at an all-time high.

According to the 2021 Insurance Barometer, 31% of consumers said they are more likely to buy life insurance because of the wake-up call COVID has given them, and 59% of people without life insurance say they need coverage. At the same time, research from Life Happens shows increased conversation around life insurance with 55% of Americans saying that the past year was the first time they spoke with a loved one about life insurance.

Throughout LIAM, Life Happens and Kelly will be empowering all Americans with the information and resources they need to talk about life insurance and get the coverage need.

“Life insurance allows you to say to your loved ones, ‘I’ve got you,’ and really mean it. As a role model to many, Kelly’s powerful message emphasizes the security and freedom life insurance can provide so families can keep looking toward the future,” said Faisa Stafford, President and CEO of Life Happens. “For our 18th annual LIAM campaign, our aim is to educate Americans on the importance of including life insurance in their financial plans and inspire them to take action and protect their loved ones.”

Through the partnership with Life Happens, Kelly is featured in a series of resources and a PSA reinforcing this year’s LIAM theme, sharing more about her experience with life insurance and the impact it has had on her family. These videos, social-media graphics and flyers are available for Life Happens Pro members to use in igniting the conversation around life insurance.

To see more information about Life Insurance Awareness Month and Kelly’s personal experience with life insurance, visit www.lifehappens.org/kelly.

About Life Happens
Life Happens is a nonprofit organization dedicated to helping consumers take personal financial responsibility through the ownership of life insurance and related products. The organization does not endorse any product, company or insurance advisor. ons. To learn more, visit www.lifehappens.org.

Media Contact
KWT Global for Life Happens
lifehappens@kwtglobal.com

SOURCE Life Happens

Related Links

QualityTermLife for free quotes on term life insurance from A-rated companies.

Posted on

More Americans buying life insurance amid COVID-19 pandemic

family absent Dad
Woman holds a photograph of her late husband with her children

ORLANDO, Fla. – More Americans are buying life insurance during the COVID-19 pandemic.

Whenever there’s a noted loss of life, interest naturally increases in life insurance. This is now the case with the coronavirus pandemic, which has a lot of families wanting to make sure they are prepared — just in case.

Life insurance is as critical tool when considering how you will arrange your affairs, to help make sure that all your debts and your financial obligation are met, so that they aren’t left for your loved ones to deal with.

For example, will you have enough life insurance to satisfy your children’s education, their future education expenses? Are you going to be able to replace your lost income for your family?

When buying life insurance, you will need to decide how much to get and how long you should be covered. QualityTermLife makes it easy to calculate how much insurance you will need with their online needs estimator. You can also find free term life insurance quotes on the QTL website from dozens of top, A-rated insurers so that you can compare and get the best value.

Posted on

Three Tips for Home Buyers to Protect Your Financial Future

Family with young children and a new house
Family with young children and a new house

Buying a home is a major life milestone for you and your family. It is a big commitment that comes with a lot of important choices and considerations. If you are home-hunting and looking for the perfect property, it is essential that you keep your family’s future and financial well-being in mind.

In order to plan ahead, check out these three tips below so you can enjoy becoming a homeowner and know you are keeping your family’s future financial security and happiness at the forefront.

Budget – Spend Within Your Means

Becoming a homeowner is expensive, and it is a huge financial commitment for years to come. Therefore, when looking at homes, ensure that you are being realistic about your budget.

Being aware of the expenses associated with homeownership is critical. Things such as insurance, property taxes, school taxes, utilities, and maintenance costs must all be taken into consideration.

Make sure that you will be able to comfortably pay for your home and expenses like these in addition to your other spending as well. To better help you determine what you can afford, educating yourself on the mortgage pre-approval process can help. Understanding what your monthly payment would look like can help you stick to a budget and prevent you from spending too much.

Buying a home that works best for your financial situation will provide you security in the future, knowing your family will be able to enjoy your home for years to come.

Insure – Plan for the Unexpected

One thing that home buyers tend to forget is the importance of planning for the unexpected. Your home is one of your most important assets, and it is crucial to protect it. You need to be prepared in case any unforeseen damage occurs to your property.

Looking into homeowners insurance can protect you financially and cover things such as liability, additional living expenses, or cover personal property, depending on the policy. Also, if you purchase your home in a certain location that is impacted by natural disasters, you may need to consider additional, special insurance such as fire, hurricane, or flood, to protect your home should something happen. You never know what can come up over the years of living in your home. In addition, it is critical that you plan ahead and have safeguards to protect your family financially as well.

When you buy a home, you will be making payments toward it for a considerable period of time – 20 to 30 years is typical. If something were to happen to you, consider how that will impact your family’s finances? Will you be able to keep your home and your family in it should the unexpected happen?

Take steps now and have a plan in place. It is never to early to have a conversation with your family, create a list of options, set aside funds, and looking into protection such as life insurance. An adequate life insurance policy can keep your family afloat and reduce any financial burden, if you are no longer there.

Invest – Look For Income Potential 

When considering a home, look for ones that have income potential. There are many unique ways you can find revenue opportunities with your home. A property such as a multi-family one that has a guest house or potential to rent out a room can be strategic. Being able to rent a part of your property can save you a significant amount of money.

You can use some money to pay off your mortgage monthly and save for repairs that arise. Additional income streams can really save you on your finances as a homeowner in relation to other costs. It can also act as a security blanket if you’re unemployed, retired, or need income to cover your expenses.

When buying a home, it can be easy to overlook the big picture. It is important to keep long-term considerations in mind. Remember that becoming a homeowner is a major financial decision. However, by being mindful and planning ahead, rest assured you will be prepared for whatever comes your way. 

Posted on

How to Set Yourself up for Financial Freedom When Moving Out for the First Time

Guest post by Chris Haychmon of Adulting Digest

Picture of anonymous young person
Are you ready to move out on your own?

The sooner you can take control of your finances, the better off you will be. You are the master of your money, and only you can make your money work for you. The more you work to understand, direct, and manage your finances, the more independence you will have. 

That said, there’s no better time to start implementing these principles than when you’re getting ready to move out for the first time. Let’s discuss some ways you can plan ahead and prepare for even the worst of situations as you set out on your own.

Get Term Life Insurance 

Your income subsidizes your living situation, but if you and your income are no longer around, what happens to your assets? If you have debt, a mortgage, a spouse, and/or children, it’s wise to plan for the worst-case scenario. In this case, a 20-year term life insurance policy may be ideal. If you pass away unexpectedly, such a policy could provide financial security for your loved ones by providing for lost income and ensuring your debt is satisfied and by covering some — if not all — of the medical and funeral expenses. For more information, please reach out to the experts at Quality Term Life.

Establish an Emergency Fund

If there is one thing you should do right away, it’s to establish an emergency fund. Something is bound to come up. A hospital bill will arrive, your car will break down, or some big repair will need to be made to your home. You should be prepared. Ideally, the goal is to have three to six months of expenses saved up. If you’re just getting started, shoot for $1,000 and build from there. 

To help you build an emergency fund, you may want to look into picking up a part-time job or a side gig. University students have the opportunity to take part in virtual career fairs, allowing them to connect with potential employers from the safety and comfort of their homes.

Build Your Credit Responsibly

When moving out for the first time, your goal should not be to get as many credit cards as possible. In fact, that’s the last thing you want to do. Though you will likely need a credit history to get some of the things you need (like an apartment), take advantage of your limited credit history and start building it the right way. Either ask your parents to cosign your lease, or spark your credit history before you move out. 

The best way to do this is to get a secured credit card, which is relatively easy for those without credit. Then, buy one or two things with the card, pay the bill (before the due date), and put the card away until you’re confident that you’re responsible enough not to abuse it. If you’re going to college, you can also build your credit history by taking out a federal student loan; just be sure not to miss or delay any payments. 

Your credit score will have a major impact on your loan terms should you decide to buy a home one day. While it is possible to purchase a home with poor credit, you’ll be required to pay much higher interest rates, so it’s in your best interest to keep your credit rating as strong as possible. 

Get Identity Theft Protection

We would have to be superhuman to protect all of our assets. In today’s world, everyone can be hacked in an instant, and no bank, business or government is completely safe. That’s why it’s important to have an extra set of eyes on all your accounts. You are the first line of defense by checking your accounts regularly, and your providers are the second line of defense by protecting your data from breaches. 

For a reasonable monthly fee, you can get a third set of eyes to monitor things like your social security number, credit reports, bank accounts, real estate transactions and credit activity. Identity theft protection will also insure you for any losses you may experience in the event of a breach. When it comes to securing your assets, obtaining identity theft protection may be the most important step you can take in this digital age. 

Moving out for the first time is one of the most significant steps you will ever take in life. And one of the best ways to make it count is to set yourself in a position to be financially independent. Remember to start an emergency fund immediately, and consider getting a life insurance policy. Also, build your credit history the right way, and consider getting identity theft protection. Nothing can help you rest easy and achieve your goals quite like being prepared for the future.

Quality Term Life is America’s favorite life insurance agency for a reason. To learn more about how we can help you, please give us a call at 1-855-707-5433 to speak to an advisor.

Image via Unsplash

Posted on

How to Decide the Length of Your Term Life Insurance?

Guest post by Linda R. Chavez of Seniors Life Insurance Finder

Family changes over time
Family changes over time

Term life is the simplest and most affordable type of life insurance. 

Insurance companies usually offer term life insurance policies in increments of 10, 15, 20, or even 30 years at most. 

The death benefit of a term life policy typically ranges from $100,000 to $500,000. It can be more or less, depending on the carrier. 

Upon the death of the insured, the payout is tax-free. It can be used by the beneficiaries for anything they see fit – funeral expenses, mortgage, debts such as medical bills or student loans, or even day-to-day expenses.

There are two main questions you have to ask yourself when buying term life insurance.

  1. How much coverage do you need?
  2. How long do you want the policy to last?

How Much Coverage Do You Need?

The precise answer to the first question is that it entirely depends on your circumstances. Still there are different opinions on how you can decide the death benefit amount:

  • Use 6 to 10 times your annual salary.
  • Multiply the years you still have until retirement times your annual salary
  • Multiply much the beneficiaries spend each year to maintain their standard of living times 20. The reasoning behind this is the beneficiaries can use 5% of the payout each year – enough to maintain their current standard of living. They can then invest the rest of the benefit to make an earning of it.
  • The best choice is to use an online life insurance needs estimator that covers all the bases. QualityTermLife’s needs estimator is free, powerful, and easy to use.

Keep in mind that the more the coverage you have, the more expensive your payments (known as premiums) will be. Aside from the amount of coverage, the cost of premiums also depends on your age, health, and sex. 

How Long Do You Want the Policy to Last?

When deciding the length of your term life insurance policy, the general rule of thumb is for it to last as long as your dependents will rely on you financially.

Let’s say that you have children aged in their teen years. They will depend on you until they have jobs of their own – which is around 10 years from now. Experts advise buying a 10-year term life policy.

However, if you’re a new parent, you will need a policy that covers you for around 20 years or so in order to protect your children past the age of eighteen. 

Another common reason for life insurance is if you have just bought a house. You will want a 30-year term life policy to pay off the mortgage as well as provide a financial cushion for emergencies.

The Longer the Term is, the More You Pay

The longer the term of your life insurance, the more likely you are to die while the policy is in force. Thus, the company is likelier to pay out the death benefit.

Here is a chart that displays different the rates for a $500,000 policy with term lengths of 10, 20, and 30 years quoted for a 35-year-old male in California with a Preferred Plus health rating, non-smoker*

Term Length Avg Monthly Premium*Best Quote from QualityTermLife
10 years $20.20 $14.52 (see it here)
20 years $29 $21.07 (see it here)
30 years $44.50 $34.79 (see it here)
  • These prices are the mean average of 11 carriers, including AIG, Mutual of Omaha, Pacific Life, Prudential, and Transamerica.

Does this mean then that a longer term life insurance policy should be avoided? Well, not really. Buying a longer term life insurance policy has its advantage. 

It allows you to lock in lower premiums that will never increase even if you develop severe health conditions in the duration of the term.

Decide on the Length of Your Term Life Insurance

Your term length should depend on your longest monetary responsibilities. Mortgage, or providing for a child .

The important thing to remember is that as long as your dependents need your financial support, you should be insured.

Posted on

8 Reasons Why a Parent Should Have Life Insurance

Image result for parent loves children

As a parent, you want your children to be safe and secure. In the event that you pass away unexpectedly, your children shouldn’t be left in a tricky situation. For this reason, it’s important to enroll in the right life insurance policy. Life insurance can make your children’s lives much easier when you’re gone, so it’s worth the small investment.

With that in mind, check out these eight important reasons for parents to get quality life insurance.

1. Funeral Costs

A funeral is your loved ones’ time to say goodbye and gain some much-needed closure. Unfortunately, a good funeral can be very expensive. While your children probably won’t be focused on the catering or decorations, they’ll notice if these things are bad. This can be a very difficult time for your children, so any effort to soften the blow and make things more comfortable is worth it. 

2. Lost Income

Your children rely on their parents’ income for food, shelter, heat, clothes, and every other basic need. Without the right life insurance policy, they may be stuck with a relative who can’t afford to provide the quality of life that your children deserve. The right life insurance policy will ensure that your children will be properly clothed, fed, and provided for in the event of your passing.

3. Education Expenses

Higher education is expensive, and the price increases every year. Without the right life insurance policy, your children may not be able to afford college, trade school, or some other form of higher education. Since the cost of education continues to increase, they may have a very hard time finding a cosigner on a student loan. By enrolling in a quality life insurance policy, higher education and career success will be more attainable for your children in the event of your untimely death.

3. Lots of Options to Fit Your Situation

Life insurance is not a one-size-fits-all affair. Your needs are unique, so you should get the policy that best reflects your family’s financial realities. Thankfully, there are a ton of options out there, and you can spend your time diligently picking through them. A reputable insurance broker can help you mull over your options and explain all of the minutiae and fine print that may be relevant to you and your family.

4. Life Insurance is Surprisingly Affordable

Although you may believe that life insurance is too expensive to afford, that couldn’t be further from the truth. First off, life insurance pays for itself in the event of an unexpected death. Secondly, most policies come at an affordable monthly rate. Since there are so many different policies to choose from, you can pick one that protects your family while remaining within your monthly budget.

See for yourself how affordable term life insurance can be. QualityTermLife provides life insurance quotes from dozens of A-rated insurers.

5. Life Insurance Rewards Healthy Living

Most life insurance policies adjust your monthly rate based on your health and habits. If you’re a smoker or engage in other unhealthy behaviors, then there’s a good chance that you’ll have to pay a higher rate. This can give you the perspective that you need to make some serious changes and live a healthier life. After all, you want to be there for your children for as long as possible, so it’s a good idea to start making healthy changes as soon as possible. Not only will getting healthy give you more time in this world, but it can also help you save money on your insurance premium.

6. Peace of Mind

Do you worry about what will happen when you’re gone? Does the thought of an unexpected death keep you up at night? To some extent, it’s normal to worry about these things, but you shouldn’t let these worries dominate your life. With a good life insurance policy, you’ll know that your children will be financially secure when you’re gone. That may not ease all of your worries, but at the very least, the knowledge that your kids will be in a decent financial position can take some of the stress away.

7. Love

You love your children and your children love you. They’d be mortified if you suddenly passed away. Your death would already be so hard for them, but financial destitution could make their troubles even worse. The right insurance policy will ensure that your children don’t have to worry about the basic necessities while they grieve for their lost parent.

Posted on

COVID-19 Accelerates No-Contact Trend in Life Insurance

cheap term life insurance policy
Apply for and sign all paperwork online

Big data is playing a prominent role in life insurance this year.

Interest in coverage has surged during the pandemic, but for many people, social distancing mandates took the life insurance medical exam off the table. As consumers look for quick, noninvasive ways to buy policies, insurers have turned to accelerated underwriting, a process that uses big data and algorithms instead of exams to evaluate applicants.

While accelerated underwriting isn’t new, more than a third of life insurers have expanded it due to the pandemic, according to a study by the Society of Actuaries. And no-exam life insurance appeals to many people. “They want it to be fast and easy,” says Gina Birchall, chief operating officer for the life insurance trade group LIMRA.

How accelerated underwriting works

Companies typically use accelerated underwriting to fast-track healthy people’s applications. But now, they are offering it to consumers who are social distancing. Low-risk applicants are approved based on big data, while requiring medical exams for everyone else.

One big perk is that you still get fast-tracking. It takes around nine days for an insurer to reach a final decision using accelerated underwriting instead of the traditional 27+, according to LIMRA.

How much do you want to pay?

For people in less than perfect health, a policy with full medical underwriting is likely to be the cheapest option. But if you are in good health and wish to stay that way by avoiding the Covid-19 risk of exams, most insurers will offer contactless, accelerated underwriting to fast-track your application. Your price and product will likely be the same as if you had taken the exam.

You can get instant, term life quotes from dozens of A-rated life insurance carriers who offer accelerated underwriting at QualityTermLife.com.