With the rapid spread of the infection and the worsening situation of the pandemic, the number of infections and death rates in the United States is also rising. On the morning of April 23, the number of infections doubled, soaring from 400,000 to over 800,000 over the course of just seven days. By 10:00am PST, the number of deaths reached 48,201, which means that more than 5 out of every 100 cases resulted in a death.
During this time, not only is health insurance essential to life, but life insurance is also important. In March 2020, applications have increased by 50% compared to that of previous years. More people are starting to realize the importance of life insurance and its benefits of creating family stability and protecting assets and inheritance.
What's special about no medical exam life insurance?
1. No medical exam required regardless of age
With the current COVID-19 situation, many are worried about going out–especially to the doctor’s office, where there is an especially high risk of exposure. Many major insurance companies have now launched a new life insurance policy where medical exams are not required! All you would have to do is fill out the application online and the insurance company will verify the information on their end.
2. Apply regardless of citizenship status
Whether you’re a citizen, on green card, or just visiting the United States, you can apply as long as you meet the requirements.
3. Instant approval! Schedule a 30 minute call with the insurance company
Not only is the application process simple, but the approval process is also very quick. After applying, all you would have to do is spend around 30 minutes with the insurance company to verify your information. After the call, if everything goes to plan, your application could be processed in as fast as 2-3 business days.
4. Get up to $5 million life insurance
Many well-known insurance companies are offering life insurance policies of $2-3 million, and some are even offering up to $5 million! Different insurance companies have different limits on the amount insured and will also differ based on the type of insurance and the insured’s background. Talk to an insurance broker for more information regarding specific policies.
5. Lifetime benefits, flexible and multiple methods of use
Life insurance not only provides protection for beneficiaries in the unfortunate event of an accident, but it also provides protection for the insured. For example, some life insurance policies claim for major illnesses, allowing the insured to claim for serious illnesses. There are also various kinds of life insurance and the methods of use are very flexible.
6. Add COVID-19 protection to your policy
The biggest concern most people have is whether or not coronavirus (COVID-19) is covered under life insurance. The answer to that is yes! Life insurance policies purchased now do not exclude the pandemic clause. Regardless of the illness or risk the insured may encounter in the future, life insurance will claim for it.
Affordable for everyone!
Whether you have a family to support, just started a new job, or have mortgages to pay, having life insurance will provide a financial safety net for you and your family. It’s guaranteed protection for your loved ones and protects you from potential risk in the future. A 20-30 year term life insurance policy would only cost you and your family around $20 per month which is equivalent to the cost of a meal! By spending that amount, you would receive hundreds of thousands of dollars of protection and a lifetime of safety in return.
Let’s take a look at the following examples.
Term life insurance: A healthy 30-year old male buys a 20-year term life insurance policy with $1 million coverage. If any accidents occur in the next 20 years, his wife and children would get guaranteed housing loans and their children’s tuition as well as their entire family’s expenses would be covered. How much would a policy like this cost?
Around $50.32 per month!
Universal life insurance: The same healthy 30-year old male buys a guaranteed universal life insurance policy (GUL) with $1 million coverage. This is a flexible, lifetime life insurance policy with an investment aspect. The insured would be able to deposit funds into their policy to receive investment dividends from insurance companies, and he would also receive a guaranteed return in the event of an economic downturn. He would only need to pay the premiums to be insured for a certain period of time, then afterwards, he would continue to stay insured without having to pay the premiums. The policy would continue to protect him until the age of 120, and any deaths that occur during this time would be claimed. How much would a policy like this cost?
Around $396 per month!
Take advantage of this opportunity while you still can!
Why is now the best time to purchase this kind of life insurance?
1) Application requirements are lenient. If the epidemic continues to get worse, more and more people will want to buy life insurance. Some life insurance companies are likely to restrict the applications, institute stricter review processes and guidelines, or even change the process of buying life insurance to requiring the medical exam. This would make it a lot more difficult to issue new insurance policies.
2) The cost hasn’t increased yet. Life insurance companies set premiums based on big data and mortality tables. Since 2020, insurance companies have used new mortality data to predict the life expectancy of this new generation. In this generation, people had a longer life expectancy, translating into a higher risk for life insurance companies. To remain solvent, insurance companies would need to increase the cost of life insurance premiums. As a result, life insurance companies will start to increase costs by 8-12% at the end of April.
3) You are healthy. One of the reasons the coronavirus creates fear among the public is because it’s asymptomatic and can spread rapidly. The uncertainty of when this pandemic will end creates anxiety–not knowing what to do, when it will end, and how to guarantee a safe life for themselves and their loved ones. No one is safe during this outbreak and when tragedy strikes, it’s too late. It’s important to take advantage of this time while you’re still healthy to protect yourself and your loved ones before the situation becomes worse.
During this time of fear and uncertainty, KCAL Insurance Agency will continue to remain open and operate as usual to serve you with any of your insurance needs. You can contact us by phone at 626-333-1111, by email, or even through online chat.
If you’re interested in purchasing life insurance or learning more about the products we offer, feel free to contact us and our agents will find a life insurance policy that is suitable for you. Together we can achieve a peace of mind and fight the epidemic together.