COVID-19 has modified America in profound methods, nearly all of them unhealthy — 300,000 lifeless, hundreds of thousands jobless, youngsters stored out of lecture rooms, numerous lives upended.
Nevertheless, there’s one sudden manner it’s made issues extra handy: It’s turning into simpler to get life insurance coverage with out going the rigamarole of getting a medical examination.
There’s been a surge of curiosity in life insurance coverage throughout the pandemic, as extra Individuals are realizing they in all probability want it. However for many individuals, social distancing mandates and concern of an infection have prevented them from going to a health care provider for an in-person examination.
That’s main extra folks to hunt out no-exam life insurance coverage, and it’s inflicting extra insurers to supply this feature. For lots of consumers, COVID-19 is altering the way in which life insurance coverage works.
No Hoops to Leap By way of
Traditionally, getting a life insurance coverage coverage has all the time been sort of a ache. You needed to bounce a bunch of hoops — signal 1,000,000 varieties, go to a health care provider’s workplace to get a bodily and bloodwork finished, then ship a stack of paperwork to an insurance coverage agent. The entire ordeal sometimes took weeks.
However newer firms like Bestow are updating and disrupting the life insurance coverage business’s conventional manner of doing enterprise. Bestow makes use of algorithms as a substitute of medical exams to judge candidates.
Prospects who need life insurance coverage to be quick and straightforward can shortly get a free quote from Bestow with out an examination — or with out even getting up from the sofa. In actual fact, most prospects who apply for a Bestow coverage do it from their telephones, the corporate says.
With the pandemic nonetheless raging, it’s a easy truth of life that extra Individuals are deciding to get life insurance coverage. General, Individuals have been shopping for about 10% extra life insurance coverage insurance policies in 2020 than they did in 2019 — the biggest enhance in almost twenty years, in line with the life insurance coverage business group LIMRA.
Insurers are providing extra no-exam life insurance coverage insurance policies as nicely, LIMRA says.
Folks are inclined to overestimate the price of life insurance coverage. For example, almost half of millennials suppose life insurance coverage prices about 5 occasions what it really does, in line with a research LIMRA.
With Bestow, for instance, charges begin at simply $16 a month. If you happen to’re beneath the age of 54 and need to get a quick life insurance coverage quote with no medical examination and even getting up from the sofa, it solely takes minutes to get a free quote.